September 2, 2024
United States:
US Jobs Data Will Help the Fed Gauge the Extent of Its Moderation
Upcoming readouts on the US labor market, including the monthly payrolls report, will give Federal Reserve policymakers insight into the need for further interest-rate reductions after an all-but-certain cut in a little more than two weeks.
With inflation slowing — although still running faster than the Fed’s goal — Chair Jerome Powell has telegraphed a September rate cut and said that officials “do not seek or welcome” further cooling in the labor market. Weeks earlier, government figures showed lower-than-expected July job growth and the highest unemployment rate in nearly three years.
United Kingdom:
Turnaround in UK Wage Growth Poses Challenge for BOE and Starmer
New data on UK wages are raising awkward questions for both Bank of England Governor Andrew Bailey and Prime Minister Keir Starmer.
Figures from Reed Recruitment reveal that a long-running decline in pay growth seen in its job postings halted and even started to reverse in recent months, hitting its highest level in 2024 during the three months to July.
Asia:
China’s Sputtering Growth Engines Raise Urgency for Stimulus
China’s remaining growth engines are showing signs of sputtering while the property market continues to drag on the economy, highlighting the urgency of government intervention to keep an increasingly unlikely growth target in sight.
Factory activity contracted for a fourth straight month in August, according to an official poll of manufacturers. The latest sales figures showed a worsening residential slump, after China Vanke Co. — one of the nation’s biggest developers — underlined the industry’s woes late Friday by reporting a half-year loss for the first time in more than two decades.
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