October 02, 2024
United States:
US Hiring in ADP Data Rebounds After Five Months of Easing
Hiring at US companies picked up in September, snapping a five-month stretch of slower payrolls growth.
Private payrolls increased 143,000 last month after an August advance that was the weakest since March 2023, according to the ADP Research Institute in collaboration with Stanford Digital Economy Lab. The Bloomberg survey of economists had called for a gain of 125,000 jobs.
Europe:
ECB Momentum for an October Rate Cut Is Looking Unstoppable
An interest-rate cut that European Central Bank officials deemed unlikely just three weeks ago now seems a near certainty when they next set borrowing costs on Oct. 17.
Markedly souring business surveys, the first below-2% inflation reading in more than three years and the reassurance offered by the Federal Reserve’s own shift to easing, have all brought policymakers toward the point where a quarter-point reduction appears to need little more than a formal sign-off.
Asia:
Japan’s Ishiba Rules Out BOJ Interest Rate Hikes For Now
Japan’s Prime Minister Shigeru Ishiba said the economy isn’t ready yet for further interest-rate hikes, in comments that jolted the yen.
“I don’t think the environment is ready for an additional rate hike,” Ishiba said Wednesday in unusually strong comments on monetary policy for a Japanese prime minister. “I told the governor that my hope is the economy will make progress in a sustainable manner toward the end of deflation with monetary easing trend in place,” he said, referring to Bank of Japan Governor Kazuo Ueda.
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