New May jobs printed at 339,000 on June 2, according to the Establishment Survey, well above market expectations of 180,000 jobs. Net revisions were were also up 93,000 jobs from March and April. That makes the average three-month jobs creation over 283,000 jobs. The Households Survey, which is compiled from different data, showed just 175,000 jobs…
May Jobs Resets Recession Expectations, but Hardens Inflation Expectations
June 2, 2023
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Business & MarketsBusiness ColumnistsCore Inflationeconomic policieseconomyFederal Reserveinflationinterest ratesunemploymentUS
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Wall Street Opens Higher After Jobs Data; Debt Default Averted
U.S. stock indexes opened higher on Friday after data showed a moderation in wage growth in May boosted bets that the Federal Reserve will skip raising interest rates this month, while investors cheered the country averting a debt default. The Dow Jones Industrial Average rose 126.01 points, or 0.38 percent, at the open to 33,187.58….
Dollar Dips as Chances Grow for Fed ‘Skip’, Debt Bill Passes
LONDON—The dollar was heading for its largest weekly fall since mid-January on Friday as the view took hold among investors that the Federal Reserve will forgo an interest rate hike this month, which would diminish the greenback’s appeal to non-U.S. buyers. The U.S. Senate’s passage of a bill to suspend the debt ceiling and avert…
Australian Businesses Lambast Record Minimum Wage Increases
June 2, 2023
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AustraliaBusiness & MarketsCompanieseconomic policieseconomyFair Work CommissionJason Clareminimum wagepersonal financeWorld
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The Australian business community has criticised the Fair Work Commission for the latest wave of minimum wage rises, saying it would add more pressure to struggling businesses nationwide. On June 2, the commission announced that it would lift the national minimum wage by a total of 8.6 percent from July 1, effectively raising the pay…
Oil Prices Rise After US Debt Deal, All Eyes on OPEC Meeting
LONDON—Oil prices rose on Friday after a U.S. debt ceiling deal averted a default in the world’s biggest oil consumer, while attention turned to a meeting of OPEC ministers and their allies at the weekend. Brent crude futures rose 77 cents, or 1 percent to $75.05 a barrel by 0806 GMT, while U.S. West Texas…
Stocks Gain, Dollar Stumbles as US Averts Default, Fed Skip Bets Rise
June 2, 2023
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Business & MarketsCompanieseconomic policieseconomyenergyglobalGold and CommoditiesinflationMarketsrecessionstocks
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LONDON/SINGAPORE—Global stocks and commodities rose on Friday while the dollar headed for its biggest weekly drop since January, as sentiment was buoyed by signs the Fed will skip a rate hike at its next meeting and the approval of U.S. debt ceiling legislation. Markets are now focused on U.S. jobs data due 0830 EST (1230…
Religious Schools Oppose Victorian Government’s Plan to Impose Payroll Tax
Religious and independent schools in the Australian state of Victoria are opposing a new revenue-raising policy compelling many local education providers to pay payroll tax. In the 2023-2024 state budget, the Victorian Labor government proposed to remove the payroll tax exemption for non-government schools with high tuition fees to raise money to help repay the…
Large Number of Job Openings May Lead to Rate Hike
June 1, 2023
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Business & Marketseconomic policieseconomyFederal ReserveinflationJOLTSMarketspersonal financePolicies & ImpactsrecessionU.S. labor marketUS
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U.S. job openings unexpectedly rose last month, but the strong labor market numbers could lead the Federal Reserve to raise interest rates again in June. It is beginning to appear that the banking-sector crisis caused by the collapse of Silicon Valley Bank in March had little effect on employers’ strong demand for workers. Fed Chairman Jerome…
Anti-ESG Arguments Sway Some at Environmental Conference
June 1, 2023
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Business & Marketsclimateeconomic policiesESGMarketsPolicies & ImpactsPoliticsThe EconomistUSUS News
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The general consensus at The Economist’s “Sustainability Week” meeting in Washington wasn’t hard to miss: environmental problems pose an existential threat that the market and the government can partner to thwart. That perspective, which can be heard in elite technocratic circles from New York City to Brussels, came across strongly in one early question from…
Global Debt Soars Again
Commentary Global debt levels soared by $8.3 trillion in the first quarter of 2023, climbing to $305 trillion, nearly the record high set in the first quarter of 2022, according to the Institute of International Finance. This means almost 335 percent of GDP. Rising debt is a burden on growth, and soaring public debt means…
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