March 6, 2024
United States:
US Companies Added 140,000 Jobs in February, ADP Data Show
US companies boosted hiring in February at a moderate pace, pointing to a resilient demand for workers across industries.
Private payrolls increased by 140,000 last month after a 111,000 gain in January, according to figures published Wednesday by the ADP Research Institute in collaboration with Stanford Digital Economy Lab. The median estimate in a Bloomberg survey of economists called for a 150,000 increase.
Europe:
Struggling German Economy Gets ‘Ray of Hope’ as Exports Jump
German exports jumped at the beginning of the year, a sign that the industrial weakness that’s weighed on Europe’s biggest economy might be easing.
Sales abroad rose 6.3% in January from the previous month, far exceeding all estimate in a Bloomberg survey. Imports also increased more than expected, though the trade surplus still widened to €27.5 billion ($30 billion) — a likely record.
Asia:
China Defends 5% Growth Target, Hints at Liquidity Boost
China’s top economic officials defended the nation’s plan to grow the economy by around 5% this year and hinted at a potential liquidity boost, one day after the ambitious target was met with skepticism by some economists due to a perceived lack of sufficient policy support.
Pan Gongsheng, governor of the People’s Bank of China, said there’s still room to cut the reserve requirement ratio for banks, which would allow lenders to keep smaller reserves and therefore encourage lending. Zheng Shanjie, chairman of the National Development and Reform Commission, struck a confident tone on the country’s growth outlook, saying the GDP goal is a “positive target that can be attained through vigorous effort.”
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