Page 15 - Us Economy
Besides avoiding recession, US also creating hundreds of thousands of jobs
The nation's employers delivered a stunning burst of hiring to begin 2024, adding 353,000 jobs in January in the latest sign of the economy's continuing ability to shrug off the highest interest rates in two decades. Friday's government report showed that last month's job gain roughly twice what economists had predicted topped the December gain of 333,000, a figure that was itself revised sharply higher. The unemployment rate stayed at 3.7 per cent, just above a half-century low. Wages rose unexpectedly fast in January, too. Average hourly pay climbed a sharp 0.6 per cent from December, the fastest monthly gain in nearly two years, and 4.5 per cent from January 2023. The strong hiring and wage growth could complicate or delay the Federal Reserve's intention to start cutting interest rates later this year. The latest gains showcased employers' willingness to keep hiring to meet steady consumer spending. It comes as the intensifying presidential campaign is pivoting in no small par
 "Besides avoiding recession, US also creating hundreds of thousands of jobs")
US job growth accelerates in January and wages rise 4.5%, shows data
Average hourly earnings increased 0.6% last month after rising 0.4% in December. In the 12 months through January, wages increased 4.5% after advancing 4.3% in the prior month
 "US job growth accelerates in January and wages rise 4.5%, shows data")
US worker productivity strong in fourth quarter; weekly jobless claims rise
Nonfarm productivity, which measures hourly output per worker, increased at a 3.2% annualized rate last quarter, the Labor Department's Bureau of Labor Statistics said on Thursday
 "US worker productivity strong in fourth quarter; weekly jobless claims rise")
US Fed keeps key rates unchanged at 5.25%-5.5% for 4th straight meeting
FOMC said it is unlikely to start cutting rates without 'greater confidence' that inflation is moving 'sustainably' towards its long-term 2% target
 "US Fed keeps key rates unchanged at 5.25%-5.5% for 4th straight meeting")
10-year bond yield declines below 4% as investors await US Fed
The Federal Reserve two-day policy meeting will conclude this afternoon. Markets have priced in a near-certainty that the central bank will leave benchmark interest rates in their current range
 "10-year bond yield declines below 4% as investors await US Fed")
US job openings unexpectedly rise by 101,000 to 9.026 million in December
Data for November was revised higher to show 8.925 million unfilled positions instead of the previously reported 8.79 million. Economists polled by Reuters had forecast 8.75 mn job openings in Nov
 "US job openings unexpectedly rise by 101,000 to 9.026 million in December")
US consumer confidence rises to hit two-year high mark in January
The Conference Board said on Tuesday that its consumer confidence index rose to 114.8 this month, the highest reading since December 2021
US GDP expands 3.3% in Dec quarter, capping unexpectedly strong year
Gross domestic product increased at a 3.3% annualized rate, according to the government's preliminary estimate out Thursday. For all of 2023, the economy expanded 2.5%
US growth likely slowed last quarter but still exhibited resilience
The nation's economy was supposed to have sunk into recession by now, dragged down by the highest interest rates in two decades and a resulting slump in borrowing and spending. Instead, the US economy has kept chugging along. Even more encouraging, inflation, which touched a four-decade high in 2022, has edged steadily lower without the painful layoffs that most economists had thought would be necessary to slow the acceleration of prices. On Thursday, the Commerce Department is expected to report that the nation's gross domestic product the economy's total output of goods and services rose at an annual rate of around 2 per cent from October through December. That would mark a deceleration from a vigorous 4.9 per cent growth rate in the July-September quarter. But it would still showcase the surprising durability of the world's largest economy, marking the sixth straight quarter in which GDP has expanded at a solid annual pace of 2 per cent or more. Helping fuel that growth has bee
 "US growth likely slowed last quarter but still exhibited resilience")
Gold prices firms on softer dollar as market await US economic data
Spot gold edged up 0.2% to $2,032.88 per ounce by 12:50 GMT. U.S. gold futures rose 0.42% to $2,034.30
 "Gold prices firms on softer dollar as market await US economic data")
Economists increasingly sure US will avoid recession, shows survey
Also, inflation has been falling faster than expected, and the labor market is cooling but not collapsing
 "Economists increasingly sure US will avoid recession, shows survey")
US Q4 GDP shows annualised 2% rise, expected to crown vigorous second half
While the Fed wants to guard against a re-acceleration of inflation, a further softening of price pressures risks making policy even more restrictive
 "US Q4 GDP shows annualised 2% rise, expected to crown vigorous second half")
US eyes more Indian tourists in coming yrs, number expected to rise to 2mn
The NTTO expects visitors from India to go up to 2 million by 2027
 "US eyes more Indian tourists in coming yrs, number expected to rise to 2mn")
US jobless applications fall to lowest level since September 2022
The number of Americans applying for unemployment benefits last week fell to its lowest level in more than a year, underscoring the resilience of the labour market despite elevated interest rates that are intended to cool the economy. Jobless claim applications fell to 187,000 for the week ending January 13, a decrease of 16,000 from the previous week, the Labor Department reported Thursday. That's the fewest since September of 2022. The four-week average of claims, a less volatile reading, fell by 4,750 to 203,250. That's the lowest four-week average in almost a year. Overall, 1.81 million Americans were collecting jobless benefits during the week that ended Jan. 6, a decline of 26,000 from the previous week. Weekly unemployment claims are viewed as representative for the number of US layoffs in a given week. They have remained at extraordinarily low levels despite high interest rates and elevated inflation.
 "US jobless applications fall to lowest level since September 2022")
US industrial production edges up to close out consistent sluggish year
The 0.1% advance in production at factories, mines and utilities followed no change a month earlier, Federal Reserve data showed Wednesday
US homebuilder confidence spiked most in January since February 2023
The National Association of Homebuilders/Wells Fargo index of builder confidence rose this month to 44, the highest since September, from an unrevised 37 in December
 "US homebuilder confidence spiked most in January since February 2023")
US energy tax credit trading grows to as much as $9 bn, show study
This market has scaled faster than anyone anticipated, said Crux CEO and co-founder Alfred Johnson, a former Treasury Department staffer
 "US energy tax credit trading grows to as much as $9 bn, show study")
US consumer prices up more than expected in Dec, weekly jobless claims fall
The consumer price index (CPI) rose 0.3% last month after nudging up 0.1% in November, the Labor Department's Bureau of Labor Statistics said on Thursday
US trade deficit narrows in Nov due to decline in imports: Report
The trade deficit contracted 2.0% to $63.2 billion, then Commerce Department's Census Bureau said
 "US trade deficit narrows in Nov due to decline in imports: Report")
US job growth surpass expectations in December; wages rise solidly
Average hourly earnings rose 0.4% in December after gaining 0.4% in the prior month. That raised the year-on-year increase in wages to 4.1% from 4.0% in November