Tag: Work

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U.S. consumer confidence falls the most in three years

U.S. consumer

In September 2024, consumer sentiment plummeted, marking the most significant drop in over three years, driven by escalating concerns over employment and business conditions, according to a report by the Conference Board released on Tuesday 24th September 2024.

The consumer confidence index reportedly fell to 98.7 from 105.6 in August 2024, marking the largest one-month drop since August 2021. This was contrary to the forecast of 104 and a stark contrast to the 132.6 reading in February 2020, just before the Covid pandemic’s onset.

All five components surveyed by the organisation declined this month, with the most significant decrease observed in the age bracket of 35-54 with incomes under $50,000.

Concerning

“Consumer evaluations of the present business conditions have turned negative, and the outlook on the current labour market has further weakened. There is also a growing pessimism about future labour market conditions, business conditions, and income prospects,” the Conference Board’s chief economist reportedly commented.

This significant dip in the confidence index last occurred as inflation began its ascent to the highest point in over four decades.

Following the announcement, stocks experienced temporary declines, and Treasury yields decreased.

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U.S. non-farm payroll job growth comes in at 114,000 in July 2024, much less than expected, as unemployment rate rises to 4.3%

Workers

In July 2024, U.S. job growth decelerated more than anticipated, and the unemployment rate increased slightly, according to a report from the Labor Department on Friday.

Non-farm payrolls expanded by only 114,000 for the month, a decrease from June’s downwardly revised figure of 179,000 and falling short of the Dow Jones prediction of 185,000. The unemployment rate rose to 4.3%, marking the highest level since October 2021.

Average hourly earnings, an indicator of inflation, rose by 0.2% for the month and were up 3.6% from 2023, both measures not meeting the increases of 0.3% and 3.7% expected.

Following the release of the report, stock market futures extended their losses, and Treasury yields saw a significant drop.

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U.S. job growth totalled 175000 in April 2024 – less than expected

Non-farm payroll U.S.

Non-farm payrolls rose by 175,000 in the month, falling short of the consensus estimate of 240,000.

The unemployment rate increased slightly to 3.9%, contrary to expectations that it would remain at 3.8%. Additionally, a broader measure of unemployment rose to 7.4%, marking the highest rate since November 2021.

In line with recent patterns, the health care sector led job gains with an increase of 56,000. Notable growth was also seen in social assistance (31,000), transportation and warehousing (22,000), and retail (20,000).

In response to the job data update, market traders now anticipate a strong chance of two interest rate reductions by the end of 2024.

Stock markets jumped higher on the news.