The U.S. economy added only 12,000 jobs in October, a significant miss compared to estimates of 113,000, marking the lowest monthly pace since December 2020. While hurricanes and the Boeing workers’ strike are attributed to the weak hiring numbers, experts are divided on whether this reflects a broader slowdown in the labor market.
US markets closed lower on Thursday as Microsoft and Meta highlighted rising AI-related costs, dampening optimism for megacap stocks. However, Amazon and Apple reported strong quarterly results after market close. Meanwhile, oil prices jumped over 2% on reports of Iran preparing a retaliatory strike on Israel. Global markets are mixed, with Asia experiencing losses and Europe seeing gains.
Russia’s war economy, touted by President Putin as resilient, is facing a butter crisis as surging inflation drives up prices. Butter prices have skyrocketed, leading to thefts and government intervention, highlighting the strain on the economy despite strong growth figures. This rise in prices is partly attributed to increased defense spending and global sanctions.
A pro-Trump super PAC has launched a blistering ad campaign targeting Vice President Kamala Harris in battleground states, focusing on her record on immigration, the economy, and the Biden-Harris agenda. The ad highlights the chaotic withdrawal from Afghanistan and the surge in illegal immigration at the border, linking them to the Biden administration’s policies.
Republican Senate candidate Mike Rogers, aiming to represent Michigan, is rallying behind the need for change in America, citing a Fox News poll that highlights widespread dissatisfaction among Michigan residents. He criticizes the Biden administration’s policies, particularly on the economy, and promises to champion Michigan’s auto industry and combat the fentanyl crisis.
The Personal Consumption Expenditures (PCE) price index, the Fed’s preferred inflation gauge, will be released on Thursday, with market participants hoping for confirmation of the disinflationary trend and continued rate cuts. Economists expect a decline in headline PCE inflation, but the core PCE index, excluding volatile food and energy prices, is expected to rise slightly. The report’s impact on market sentiment and the Fed’s future rate decisions will be crucial.
Germany’s economy expanded by 0.2% in the third quarter, avoiding a technical recession but remaining stuck in stagnation. This growth comes amidst rising inflation, a looming trade war with China, and Volkswagen’s restructuring plans, which involve plant closures and layoffs, further straining the German economy.
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US markets saw mixed performance on Wednesday, with the Dow edging higher while the Nasdaq and S&P 500 slipped. Communication services led the gainers, while information technology lagged. Energy prices rose, buoyed by declining US crude oil inventories. Strong economic data included a surge in pending home sales and solid job growth.
China is set to launch a substantial fiscal initiative next week, injecting over 10 trillion yuan ($1.4 trillion) into its economy to combat slowing growth. The move includes special sovereign bonds to alleviate local government debt and potentially signifies a significant shift towards economic stimulus, particularly in light of the upcoming US elections. The package, while substantial, is less extensive than the 2008 stimulus program and coincides with ongoing global scrutiny of China’s economic policies.
