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Federal Reserve minutes: Inflation is cooling, but more evidence is needed for rate cuts
The minutes of the Fed’s June 11-12 meeting, released Wednesday, showed that the policymakers saw several factors that could further ease inflation in the coming months. These factors included the slower growth of wages, which reduces pressure on companies to raise prices to cover their labor costs.
US weekly jobless claims rise labor market slows
The labor market shows signs of easing as unemployment benefits claims increase. Layoffs rise due to interest rates impacting demand, and challenges in seasonal data adjustments persist. Market anticipates Fed's potential rate cuts. Job cuts decrease in June, but higher than last year. Nonfarm payrolls data may reveal job increase. Job openings ratio remains steady, while Fed deliberates policy changes post-hikes. Continuing claims rise due to policy effects.
US stocks back at records while European bourses retreat
Wall Street equity indices advanced to fresh records Tuesday as markets embraced commentary from Federal Reserve Chair Jerome Powell, while European bourses retreated on unease about upcoming French elections. But bourses in Paris and Frankfurt both retreated amid concerns about the potential economic fallout should the far right win power in France in weekend elections.
US job openings rise to 8.1 million despite higher interest rates
U.S. job openings increased slightly to 8.1 million in May, despite higher interest rates aimed at cooling the labor market, as reported by the Labor Department. Layoffs rose slightly, while the number of Americans quitting their jobs remained stable. The economy and job market have shown resilience despite the Federal Reserve's efforts to raise rates. Job openings have decreased since a peak in March 2022, signaling a possible slowdown in the economy.
US weekly jobless claims drift lower
Initial claims for state unemployment benefits dropped 6,000 to a seasonally adjusted 233,000 for the week ended June 22, the Labor Department said on Thursday. The claims data included last Wednesday's Juneteenth National Independence Day, a new holiday. Claims tend to be volatile around public holidays.
L&T hit by 'severe' skilled manpower shortage: 45,000 engineers & techies needed
Larsen & Toubro (L&T) faces a severe shortage of skilled labor, with a deficit of 25,000 workers in engineering and construction, and 20,000 in IT and IT services, per its Chairman S N Subrahmanyan. This shortfall, due to various factors including high attrition and migration, is affecting project execution.
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Labor Ministry seeks detailed report from Tamil Nadu government on discriminatory hiring practice at Foxconn plant
The Indian government has requested a detailed report on hiring practices at Foxconn's iPhone plant in Tamil Nadu, following reports of married women being excluded from assembly operations. The ministry of labour and employment has directed its regional office to provide the report, as section 5 of the Equal Remuneration Act, 1976 stipulates no discrimination in recruitment.
Indian-American couple sentenced to prison for forcing relative to work at gas station
A US court has sentenced Harmanpreet Singh to 135 months (11.25 years) in prison and Kulbir Kaur to 87 months (7.25 years) for coercing their relative, brought from India under false pretenses, to work at their gas station and store. They forced him into labor, confiscated his immigration documents, and subjected him to threats, physical abuse, and long hours for minimal pay. The couple also prevented his return to India and used coercive tactics, including marriage threats and physical violence, to control him over a three-year period until May 2021.
US consumer confidence ebbs slightly in June
The Conference Board said that its consumer confidence index eased to 100.4 this month from a downwardly revised 101.3 in May. Economists polled by Reuters had forecast the index slipping to 100.0 from the previously reported 102.0.
Fed's Daly: inflation not the only risk, policy must 'exhibit care'
San Francisco Fed President Daly emphasizes caution in addressing inflation control and rising unemployment risks, highlighting the need to restore price stability without harming the economy.
US wholesale prices dropped in May, adding to evidence that inflation pressures are cooling
The Labor Department reported Thursday that its producer price index - which tracks inflation before it reaches consumers - declined 0.2% from April to May after rising 0.5% the month before. Measured from a year earlier, wholesale prices were up 2.2% in May. Excluding volatile food and energy prices, so-called core producer prices were unchanged from April and up 2.3% from May 2023.
Inflation, Fed meeting to give clues for US market direction
Investors await next week's inflation data and Fed meeting for signals on stock market trajectory amid conflicting economic signals. S&P 500's 12% YTD rise hinges on Fed's ability to manage inflation without hampering growth.
US Fed likely to remain on pause and pare back rate cut expectations
The US Federal Reserve is likely to keep interest rates unchanged this week, but could pare back the number of cuts it has penciled in for this year, as policymakers digest a mixed bag of economic data. But with the data still painting a mixed picture, he is unlikely to rock the boat too much this week, according to Oxford Economics chief US economist Ryan Sweet.
Wall St Week Ahead-Inflation, Fed meeting to give clues for US market direction
Political uncertainty may impact market stability. Early presidential debate raises concerns about 2024 election influence. Market attention shifts from economic data to political landscape.
US stocks close slightly lower; jobs data strong but rates still high
Wall Street stocks ended slightly lower on Friday after strong U.S. jobs data raised concerns about the Federal Reserve's stance on interest rates. The Labor Department reported 272,000 jobs in May, exceeding expectations, with a 4% unemployment rate.
US lawmakers call to add China's CATL, Gotion to import ban list, WSJ reports
Republican lawmakers are urging the addition of Chinese battery companies CATL and Gotion High Tech to an import ban list, alleging their supply chains use forced labor. CATL and Gotion are linked to Ford and Volkswagen respectively. The lawmakers want them added to the entity list under the Uyghur Forced Labor Prevention Act, which restricts imports tied to alleged genocide in China's Xinjiang region. CATL and Gotion deny the allegations. Volkswagen says it has no evidence of human rights violations.
Fed may wait to cut rates as job market stays strong
Traders' confidence in Fed rate cuts wavers as U.S. central bankers await inflation decline; Rate futures show uncertainty in multiple rate cuts by end of 2024.
US adds far more jobs than expected in May
The U.S. job market showed strong growth in May, with nonfarm payrolls increasing by 272,000 jobs, surpassing economists' expectations. The unemployment rate rose slightly to 4.0%, ending a 27-month streak below 4%. Despite recent softening, the labor market's resilience has kept the Federal Reserve cautious about cutting interest rates, likely delaying any rate cuts until at least September. However, other indicators suggest the job market may be loosening, prompting the Fed to closely monitor economic conditions to avoid overcooling the economy.
US stocks mixed as Nvidia retreat hits tech stocks; payrolls data in focus
The Nasdaq and S&P 500 touched fresh intraday record highs shortly after the open, however, initial gains fizzled out as Nvidia slipped more than 2%. In the previous session, it had crossed $3 trillion in market valuation and overtaken Apple as the world's second most valuable company.
US job openings fall more than expected in April
US job openings fell in April to the lowest level in over three years, signaling softening labor market conditions that could aid the Federal Reserve's inflation fight.
US weekly jobless claims fall as labor market remains solid
Initial claims for state unemployment benefits dropped 8,000 to a seasonally adjusted 215,000 for the week ended May 18, the Labor Department said on Thursday. Economists polled by Reuters had forecast 220,000 claims in the latest week.
University of California academic workers strike to stand up for pro-Palestinian protesters
Graduate students at UC Santa Cruz joined a systemwide protest against the university allegedly violating the speech rights of pro-Palestinian advocates. United Auto Workers Local 4811, representing 48,000 graduate students, initiated rolling strikes across the 10-campus UC system. The union demands amnesty, divestment from Israel-related investments, and filed unfair labor practice complaints.
US weekly jobless claims fall; labor market gradually easing
The decline reversed a portion of the jump in the prior week, which had pushed claims to the highest level in more than eight months. The increase was largely attributed to a surge in applications in New York related to school spring breaks.
US inflation data was accidentally released 30 minutes early
The US Bureau of Labor Statistics released Consumer Price Index data early, impacting Wall Street investors and central bank officials. The BLS statement mentioned the incident, raising questions about equitable data access. A month ago, an economist from BLS corresponded on key US inflation gauge data with major firms.
US consumer prices rise 0.3% in April; core CPI slows
U.S. consumer prices rose less than expected in April, indicating a resumption of the downward trend in inflation at the beginning of the second quarter, which has bolstered financial market expectations for a potential interest rate cut in September. The consumer price index (CPI) increased by 0.3% last month, following advances of 0.4% in both March and February, according to data from the Labor Department's Bureau of Labor Statistics (BLS). On a year-on-year basis, the CPI rose by 3.4% in April, slightly lower than the 3.5% increase recorded in March.
US wholesale prices rise more than expected in April
US wholesale prices rose last month, accelerating the US Federal Reserve's fight against inflation. The producer price index (PPI) jumped by 0.5 percent in April, exceeding market expectations, as reported by the Labor Department. Nearly three-quarters of the April advance in final demand prices is attributable to a 0.6-percent increase in the index for final demand services.
Cooling core inflation will bring US Fed some relief
The core consumer price index (CPI), which excludes food and fuel, is seen rising 0.3% from a month earlier after 0.4% advances throughout the first quarter. The Bureau of Labor Statistics will issue its CPI report on Wednesday. Compared with April 2023, the core CPI is projected to rise 3.6%. While that annual increase would be the smallest in three years, it's still running too fast to placate Federal Reserve policymakers, who want evidence inflation is slowing consistently as they debate interest-rate cuts.
US weekly jobless claims increase more than expected
Labor market shows signs of easing as new unemployment benefit claims by Americans exceed expectations, reaching 231,000. The rise, partly due to seasonal factors, reflects adjustments post-interest rate hikes, with expectations of Federal Reserve rate cuts.
US productivity slows sharply in first quarter
U.S. worker productivity growth slowed significantly in the first quarter, leading to a surge in labor costs, although the productivity trend remained solid. According to the Labor Department's Bureau of Labor Statistics, nonfarm productivity increased at a modest 0.3% annualized rate, down from 3.5% in the previous quarter. Economists had forecasted a higher rate of 0.8%. Productivity has risen by 2.9% compared to a year ago.
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