Overseas Headlines – July 5, 2024

July 5, 2024

United States:

US Payroll Growth Slows and Jobless Rate Ticks Up to 4.1%

US hiring and wage growth stepped down in June while the jobless rate rose to the highest since late 2021, bolstering prospects that the Federal Reserve will begin cutting interest rates in coming months.

Nonfarm payrolls rose by 206,000 and job growth in the prior two months was revised down by 111,000, the Bureau of Labor Statistics said Friday. The median forecast in a Bloomberg survey of economists called for a 190,000 increase.




German Industrial Output Unexpectedly Sinks as Rebound Struggles

German industrial production unexpectedly plunged in May — the latest sign that the recovery in Europe’s biggest economy may be faltering.

Output fell 2.5% from the previous month, the statistics service said Friday. While April was revised up to a slightly positive reading, May’s outcome was below all 28 estimates in a Bloomberg survey of analysts.




Japan’s GPIF Loses Status as World’s Biggest Pension Fund

Japan’s Government Pension Investment Fund was dethroned as the world’s biggest pool of retirement savings as a depreciating yen eroded the value of its assets in dollar terms.

The fund posted a record gain for the three months through March, generating a 9.5% return, but the yen’s slump to a 38-year low against the greenback was deep enough to put the value of its assets below that of Norway’s wealth fund in dollar terms.



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