Category: Macro
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U.S. Manufacturing Sector Faces Job Cuts and Hiring Freezes Amid Economic Slowdown
Dan Ariens, leading his family’s fourth-generation business, Ariens Company, known for its distinctive bright orange snow blowers and lawnmowers, has been forced to make tough decisions in response to a sales downturn. The company, based in Brillion, Wisconsin, saw a 20% reduction in its workforce, dropping to 1,600 employees, with no anticipated business improvement until…
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EIA: US crude inventories grow by 3.2 million barrels
Commercial crude oil inventories in the United States, which are not taking into account those in the Strategic Petroleum Reserve, increased by 3.2 million barrels to 451.4 million barrels in the week ending March 29, the Energy Information Administration (EIA) revealed in its report on Wednesday. The figure marked a larger-than-expected buildup. The country’s inventories…
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Fed’s Bostic: Rate cuts in Q4 ‘appropriate’
Federal Reserve Bank of Atlanta President Raphael Bostic (pictured) stressed on Wednesday that he considers it “appropriate” to cut interest rates in the last quarter of 2024, as he believes inflation will not reach the 2% target until 2026. “If the economy evolves as I expect, and that’s going to be seeing continued robustness in…
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ISM: US services sector activity eases in March
Growth in activity in the United States services industry eased in March, the Institute for Supply Management (ISM) reported on Wednesday. The ISM Services Purchasing Managers Index (PMI) landed at 51.4%, down 1.2 percentage points from February’s 52.6%. The Business Activity index increased by 0.2 percentage points to 57.4%, while the Employment index expanded by…
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US composite PMI down slightly in March
The United States Composite PMI Output Index came in at 52.1 in March, slipping from 52.5 registered in February, “but still pointing to a solid monthly increase in overall business activity,” S&P Global revealed in its report on Wednesday. The figure was slightly lower than was predicted in the flash estimate. The US Services PMI Business…
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ADP: US private payrolls up by 184,000 in March
The number of jobs in the United States private sector saw a monthly increase of 184,000 in March, significantly more than analysts expected, Automatic Data Processing Inc. (ADP) revealed in its National Employment Report published on Wednesday. Most new jobs – 87,000 – were registered in large enterprises, followed by mid-sized ones with between 50…
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Oil Prices Edge Up Amid Geopolitical Tensions and Supply Risks
Oil prices saw a moderate increase today as investors weighed the supply risks stemming from ongoing Ukrainian attacks on Russian refineries and the potential for escalating conflict in the Middle East. As of the latest updates, Brent crude for June delivery (CCOM:OILBRENT) was up by 0.42% at $89.29, while West Texas Intermediate (WTI) for May…
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US mortgage applications down by 0.6%
Mortgage applications in the United States declined by 0.6% on a seasonally adjusted basis for the week ending March 29, the Mortgage Bankers Association’s (MBA) Weekly Mortgage Applications Survey revealed on Wednesday. The Purchasing Index went down slightly from the previous week’s 145.7 to 145.6. The Mortgage Market Index fell from 196.8 seen the week…
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Fed’s Daly sees no urgency to adjust funds rate
United States Federal Reserve Bank of San Francisco President Mary Daly underlined on Tuesday that there is “no urgency” to modify the Fed funds rate, stressing the “real risk” of implementing rate cuts prematurely. The Fed official noted that the US economy is “improving” and added that while three rate cuts could be considered “reasonable”…
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US job openings at 8.8 million in February
Job openings in the United States stood at 8.8 million in February, little changed from the previous month, the US Bureau of Labor Statistics reported Tuesday. The job opening rate remained unchanged for the third month in a row at 5.3%. The Job Openings and Labor Turnover Survey (JOLTS) showed that the number and rate…