Australian employment unexpectedly fell in March and the jobless rate rose, unwinding some of the huge upside surprise of the prior month and reflecting restrictive settings of monetary policy. The economy shed 6,600 roles, compared with a forecast gain of 10,000 and following an increase of over 100,000 in February, data from the Australian Bureau of Statistics showed Thursday. Unemployment ticked up to 3.8% from 3.7% in February. "After some wild fluctuations over the past couple of months, the labor market returned to something a little more normal," said Sean Langcake, head...
Prices paid to US producers rose in September by more than expected, suggesting inflationary pressures will take time to moderate and keeping the Federal Reserve on its aggressive interest rate-hike path. The producer price index for final demand climbed 0.4% from August, the first increase in three months, and was up 8.5% from a year ago, Labor Department data showed Wednesday. Excluding the volatile food and energy components, the so-called core PPI increased 0.3% in September and advanced 7.2% from a year earlier. The median estimates in a Bloomberg survey of...
The UK economy shrank unexpectedly in August for the first time in two months, raising the possibility that the country is now in a recession. The 0.3% drop in output was driven by a sharp decline in manufacturing and a small contraction in services, the Office for National Statistics said Wednesday. Economists had expected no growth in the month. The decline means the economy will be lucky to avoid a downturn in the third quarter, marking the start of a cost-of-living recession that many analysts anticipate will persist into the early months of 2023 at least. Escaping with a...
UK unemployment fell unexpectedly to the lowest since 1974 as people dropped out of the workforce at a record rate. The government said 3.5% of adults were looking for work in the three months through August, down from 3.6% the month before and a rate last lower in 1974. Economists had expected no change. The figures add to concerns about labor shortages, which are making it harder for companies to find the staff they need to expand. It's also fanning wage increases and inflation, which the Bank of England has vowed to fight with higher interest rates. "The UK is facing the tightest labor...
US hiring continued at a solid, yet more moderate pace last month and the unemployment rate fell, indicating the labor market remains tight and has so far proven resilient to steep interest-rate hikes by the Federal Reserve. Nonfarm payrolls increased 263,000 in September -- the smallest monthly advance since April 2021 -- after a 315,000 gain in August, a Labor Department report showed Friday. The unemployment rate unexpectedly dropped to 3.5%, and average hourly earnings rose firmly. The median estimates in a Bloomberg survey of economists called for a 255,000 advance in payrolls and for...
Applications for US unemployment insurance rose more than expected last week, though remained historically low, in the latest sign that labor demand may be beginning to moderate. Initial unemployment claims increased by 29,000 to 219,000 in the week ended Oct. 1, Labor Department data showed Thursday. The median estimate in a Bloomberg survey of economists called for 204,000 new applications. Continuing claims for state benefits edged up to 1.36 million in the week ended Sept. 24. The pickup in claims -- if sustained -- would suggest lackluster spending in various sectors...
Asia-Pacific markets tumbled after U.S. inflation for March came in hotter than expected, stoking worries that the Federal Reserve may keep interest rates higher for longer.
U.S. consumer price...
Stocks tanked on Wednesday after March inflation data came in hotter than expected, likely pushing off interest rate cuts by the Federal Reserve that investors have been anticipating.
Investor...
U.K. consumer prices accelerated well beyond the Bank of England's target for a second month, propelled by the global disruption in supply chains that pushed up transport costs.
Consumer prices...
Australian inflation eased from 33-year highs in the first quarter as the cost of living saw the smallest rise in more than a year, while core inflation dipped below forecasts suggesting less...