Federal Reserve Chair Jerome Powell on Thursday responded to a Trump administration official's demands for information about cost overruns for a renovation project at the central bank's Washington headquarters campus, saying the project was large in scope and involved a number of safety upgrades and hazardous materials removals. "As explained on the Board's public website, we take seriously the responsibility to be good stewards of public resources as we fulfill the duties given to us by Congress on behalf of the American people," Powell wrote in his letter to Office of Management and...
Job openings rose by 259,000 to 8.098 million in November 2024, from an upwardly revised 7.839 million in October and above market expectations of 7.70 million. Job openings rose in professional and business services (+273,000), finance and insurance (+105,000), and private educational services (+38,000) but declined in information (-89,000). Meanwhile, total hires and total layoffs were flat at 5.3 million and 5.1 million, respectively. In layoffs, resignations fell by 218,000 to 3.1 million and layoffs and terminations were flat at 1.8 million. Source: Trading Economics
Economic activity in the US services sector accelerated in December, with the ISM Services PMI rising to 54.1 from 52.1 in November. This reading was higher than the market expectation of 53.3. Other details from the report showed that the Prices Paid Index, a component of inflation, rose to 64.4 from 58.2, while the Employment Index fell to 51.4 from 51.5. Market reaction The US dollar strengthened against other major currencies in an immediate reaction. At the time of writing, the USD Index was up 0.2% on the day at 108.52. Source: FXStreet
The ISM Manufacturing PMI rose 0.9 points from the previous month to 49.3 in December 2024, beating market expectations of 48.4. The reading reflected the slowest pace of contraction in the U.S. manufacturing sector since March's 50.3 reading, the only expansion in the industry since September 2022. A gauge measuring new orders came in at 52.5, reflecting the strongest level of new orders in 11 months, suggesting that lower output for manufacturers may be nearing a bottom despite the Fed's prolonged interest rate tightening. In turn, a gauge measuring the prices faced by businesses rose to...
Global stocks advanced on Thursday after a four-session drop to end 2024, while the dollar strengthened after economic data pointed to a U.S. labor market that remained on solid footing. On Wall Street, U.S. stocks were higher in the early stages of trading, with the S&P 500 on track to snap a four session streak of declines to end 2024. Data from the U.S. Labor Department showed the number of Americans filing new applications for unemployment benefits dropped to an eight-month low of 211,000 last week, below the 222,000 estimate of economists polled by Reuters. Gains were led by the...
The number of Americans filing for unemployment benefits fell to 219K in the week ending Dec. 29, 2024. That was down from the 222K estimate and from the previous weekly reading of 219K, which was revised down to 220K, the Labor Department said Thursday. Source: @Newsmaker23
China's official NBS Manufacturing PMI increased to 49.7 in June 2025 from May's 49.5, matching market expectations while marking the third consecutive month of contraction in factory activity.
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Both the STOXX 50 and STOXX 600 hovered around the flatline on Friday, as investors adopted a cautious stance ahead of further developments in trade talks between US President Trump and Chinese...
President Donald Trump said Wednesday he plans to send a single letter to over 150 countries outlining the tariff rate they will face, saying, "It's all going to be the same for everyone, for that...