Hiring at US Companies Tops All Forecasts, ADP Data Show

June 1st, 2023|

Augusta Saraiva Bloomberg June 1, 2023 Private payrolls increased by 278,000 in May, led by leisure Wage growth slowed, including for people changing jobs Employment growth at US companies last month exceeded all projections, highlighting a durable labor market that continues to buttress the economy. Private payrolls increased 278,000 following a revised 291,000 gain in April,

US REACT: Goods Disinflation Showing Signs of Returning

June 1st, 2023|

Eliza Winger Bloomberg June 1, 2023 OUR TAKE: The ISM manufacturing gauge declined further in May, its seventh straight month in contractionary territory. With consumers shifting their purchases toward services rather than goods, it’s hard to foresee a return to positive territory anytime soon. With the May print showing demand easing and prices paid dropping

BofA Equity Indicator Sees S&P Potentially Up 16% in 12 Months

June 1st, 2023|

Alexandra Semenova Bloomberg June 1, 2023 A contrarian indicator from Bank of America Corp. that compiles Wall Street strategists’ allocation recommendations is the closest it has been to notching a “buy” signal since 2017. Sell-side indicator, which tracks US sell-side strategists’ recommended allocation to stocks, edges down 22 basis points to 52.5% in May, 1.1 percentage

US consumer spending surges in April; inflation heats up

May 26th, 2023|

Reuters Lucia Mutikani May 26, 2023 WASHINGTON, (Reuters) - U.S. consumer spending increased more than expected in April, boosting the economy's growth prospects for the second quarter, and inflation picked up, which could prompt the Federal Reserve to raise interest rates again next month. The growth picture was further brightened by other data from the

US Money Supply Falls for Fifth Month in Hopeful Inflation Sign

May 24th, 2023|

Alex Tanzi Bloomberg May 23, 2023 The pace of US money supply declined in April for a fifth month, an unprecedented stretch that offers hope that inflationary pressures will continue to cool. The M2 measure, which includes cash in circulation as well as bank and money market accounts, dropped 4.6% to $20.7 trillion from the same

Chinese Stocks Wipe Out 2023 Gains as Headwinds Intensify

May 24th, 2023|

Bloomberg May 23, 2023 CSI 300 extends decline as developers’ debt woes resurface Geopolitics, yuan weakness, and uneven recovery are concerns China’s benchmark stock index erased all its gains for the year as a weaker yuan and developers’ debt woes added to persistent worries over growth and geopolitics. The CSI 300 Index closed down 1.4% Wednesday, with

US Bank Lending Rises for Fourth Week, Led by Small Institutions

May 8th, 2023|

Alex Tanzi Bloomberg  May 5, 2023 US bank lending increased for a fourth straight week, suggesting credit conditions remain relatively stable despite elevated concerns about regional lenders. Commercial bank lending rose $41.6 billion in the week ended April 26 after increasing $12.4 billion the prior week, according to seasonally adjusted data from the Federal Reserve out Friday.

Jeremy Siegel Sees the Fed Lowering Rates by Year-End

May 5th, 2023|

Brandon Sapienza Bloomberg May 5, 2023 The Federal Reserve will lower interest rates by the end of this year, University of Pennsylvania’s Wharton School of Business professor Jeremy Siegel said in an interview with CNBC.  Siegel said he believes that pressure is on the Fed to cut rates, especially if wages dip and the labor market cools too

US Core PCE Inflation Stays Brisk While Consumer Spending Stalls

May 2nd, 2023|

Reade Pickert Bloomberg April 28, 2023 Underlying US inflation remained brisk last month, reinforcing the case for another Federal Reserve interest-rate hike next week. The personal consumption expenditures price index excluding food and energy, one of the Fed’s preferred inflation gauges rose 0.3% in March for a second month. Compared with a year ago, the measure was up

IBM CEO Sees 30% of Back-Office Jobs Replaced by AI in 5 Years

May 1st, 2023|

Brody Ford Bloomberg May 1, 2023 International Business Machines Corp. Chief Executive Officer Arvind Krishna said the company expects to pause hiring for roles it thinks could be replaced with artificial intelligence in the coming years. Hiring in back-office functions — such as human resources — will be suspended or slowed, Krishna said in an interview. These non-customer-facing

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