RBA Board Awaits Inflation Update Before Moving to Cut Rates
'They believed that lowering the cash rate a third time within the space of four meetings would be unlikely to be consistent with the strategy of easing monetary policy in a cautious and gradual manner to achieve the board's inflation and full employment objectives,' minutes of the July 7-8 policy meeting said.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Yahoo
14 minutes ago
- Yahoo
HSBC reportedly considers selling Australian retail bank
HSBC is exploring the sale of its retail bank in Australia, aiming to streamline its global operations, reported The Australian Financial Review, citing sources. The potential sale, managed by Citi, could attract local lenders seeking to expand their credit card offerings. HSBC's Australian retail bank, which provides credit cards, mortgages, and savings accounts, is up for sale as part of a strategic move to optimise operations. While HSBC and Citi have not commented, market sources indicate the bank's focus on retaining its commercial banking operations in Australia. HSBC has operated in Australia since 1986, holding a banking licence since former treasurer Paul Keating opened the market to foreign competition. Despite having A$23bn in owner-occupier mortgages and A$10bn in investor loans by May, HSBC has struggled to compete with local banks. The bank's A$486m in credit card debt surpasses that of Bendigo and Adelaide Bank and Macquarie. Additionally, HSBC holds A$18bn in household deposits, appealing to migrants from Asia and wealthy travellers through its multi-currency accounts. A prospective buyer must convince the Australian Competition and Consumer Commission (ACCC) that the acquisition will not significantly reduce competition. In 2021, the ACCC approved National Australia Bank's A$1.2bn acquisition of Citi's retail bank in Australia. ANZ's new chief executive, Nuno Matos, who previously led HSBC's retail bank in the UK and Europe, is familiar with HSBC's operations. However, Matos is currently focused on integrating Suncorp Bank, which ANZ acquired last year. In October, HSBC chief executive Georges Elhedery announced plans to streamline the bank's geographic governance structures, reducing them from five regions to two. HSBC is also introducing four new business lines: Hong Kong, the UK, corporate and institutional banking, and international wealth and premier banking. In February, HSBC set a goal to save A$461m in 2025 and reduce its annual cost base by A$1.5bn by the end of next year. The bank is also closing key parts of its investment banking operations in Europe and the Americas. Earlier this week, Brazilian bank BTG Pactual signed a deal to buy HSBC's operations in Uruguay for $175m. "HSBC reportedly considers selling Australian retail bank" was originally created and published by Retail Banker International, a GlobalData owned brand. The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site. Sign in to access your portfolio
Yahoo
14 minutes ago
- Yahoo
ADP National Employment Report: Private Sector Employment Increased by 104,000 Jobs in July; Annual Pay was Up 4.4%
ROSELAND, N.J., July 30, 2025 /PRNewswire/ -- Private sector employment increased by 104,000 jobs in July and pay was up 4.4 percent year-over-year according to the July ADP National Employment Report® produced by ADP Research in collaboration with the Stanford Digital Economy Lab ("Stanford Lab"). The ADP National Employment Report is an independent measure of the labor market based on the anonymized weekly payroll data of more than 25 million private-sector employees in the United States. ADP's Pay Insights captures nearly 14.8 million individual pay change observations each month. Together, the jobs report and pay insights use ADP's fine-grained data to provide a representative and high-frequency picture of the private-sector labor market. "Our hiring and pay data are broadly indicative of a healthy economy," said Dr. Nela Richardson, chief economist, ADP. "Employers have grown more optimistic that consumers, the backbone of the economy, will remain resilient." July 2025 Report Highlights View the ADP National Employment Report and interactive charts at JOBS REPORT Private employers added 104,000 jobs in JulyHiring gains were led by a resurgence in services, with the exception of education and health, which has posted a net loss of jobs so far this year. Change in U.S. Private Employment: 104,000 Change by Industry - Goods-producing: 31,000 Natural resources/mining 9,000 Construction 15,000 Manufacturing 7,000 - Service-providing: 74,000 Trade/transportation/utilities 18,000 Information 9,000 Financial activities 28,000 Professional/business services 9,000 Education/health services -38,000 Leisure/hospitality 46,000 Other services 2,000 Change by U.S. Regions - Northeast: -18,000 New England -13,000 Mid-Atlantic -5,000 - Midwest: 18,000 East North Central 6,000 West North Central 12,000 - South: 43,000 South Atlantic 44,000 East South Central 18,000 West South Central -19,000 - West: 75,000 Mountain 32,000 Pacific 43,000 Change by Establishment Size - Small establishments: 12,000 1-19 employees 22,000 20-49 employees -10,000 - Medium establishments: 46,000 50-249 employees 55,000 250-499 employees -9,000 - Large establishments: 46,000 500+ employees 46,000 PAY INSIGHTS Pay gains were little changed in JulyYear-over-year pay growth in July was 4.4 percent for job-stayers and 7 percent for job-changers. Gains have held steady for the past four months. Median Change in Annual Pay - Job-stayers 4.4% - Job-changers 7.0% Median Change in Annual Pay for Job-Stayers by Industry - Goods-producing: Natural resources/mining 4.4% Construction 4.5% Manufacturing 4.6% - Service-providing: Trade/transportation/utilities 4.2% Information 4.2% Financial activities 5.1% Professional/business services 4.2% Education/health services 4.5% Leisure/hospitality 4.5% Other services 4.2% Median Change in Annual Pay for Job-Stayers by Firm Size - Small firms: 1-19 employees 2.6% 20-49 employees 4.1% - Medium firms: 50-249 employees 4.7% 250-499 employees 4.8% - Large firms: 500+ employees 4.8% To see Pay Insights by U.S. State, Gender, and Age for Job-Stayers, visit here: The June total number of jobs added was revised from -33,000 to -23,000. For additional information about the ADP National Employment Report, including historical files, employment and pay data, methodology, and a calendar of release dates, please visit The August 2025 ADP National Employment Report will be released on September 4, 2025 at 8:15 a.m. ET. About ADP Research The mission of ADP Research is to make the future of work more productive through data-driven discovery. Companies, workers, and policy makers rely on our finely tuned data and unique perspective to make informed decisions that impact workplaces around the world. To subscribe to monthly email alerts or obtain additional information about ADP Research, including employment and pay data, methodology, and a calendar of release dates, please visit About ADP (NASDAQ – ADP)ADP has been shaping the world of work with innovation and expertise for more than 75 years. As a global leader in HR and payroll solutions, ADP continuously aims to solve complex business challenges for our clients and their workers. Always Designing for People means ADP focuses on people, leveraging our unparalleled data insights and innovative technology to elevate human potential. More than 1.1 million clients across 140+ countries trust ADP's unique expertise and exceptional service to support their people and drive their businesses forward. Learn more at ADP, the ADP logo, and Always Designing for People, ADP National Employment Report, and ADP Research are registered trademarks of ADP, Inc. All other marks are the property of their respective owners. Copyright © 2025 ADP, Inc. All rights reserved. ADP-Media View original content to download multimedia: SOURCE ADP, Inc. Sign in to access your portfolio
Yahoo
14 minutes ago
- Yahoo
US private payrolls increase in July
WASHINGTON (Reuters) -U.S. private payrolls increased more than expected July, the ADP National Employment Report showed on Wednesday, though the labor market continues to slow. Private payrolls rose by 104,000 jobs last month after a revised 23,000 decline in June. Economists polled by Reuters had forecast private employment increasing 75,000 following a previously reported drop of 33,000 in June. The ADP report, jointly developed with the Stanford Digital Economy Lab, was published ahead of the more comprehensive employment report for July due to be released on Friday by the Labor Department's Bureau of Labor Statistics. There is no correlation between the ADP and BLS employment reports. The labor market has lost steam amid an unsettled economic outlook stemming from import tariffs. A survey from the Conference Board on Tuesday showed the share of consumers viewing jobs as "hard" to get jumped to the highest level in nearly 4-1/2 years in July. That is consistent with the high number of people collecting unemployment checks. A Reuters survey of economists expects the BLS' employment report to show nonfarm payrolls increased by 110,000 jobs in July after rising by 147,000 in June. The unemployment rate is forecast to increase to 4.2% from 4.1% in June. Economists expect the Federal Reserve will keep its benchmark interest rate in the 4.25%-4.50% range after the end of a two-day policy meeting later on Wednesday, resisting pressure from President Donald Trump to lower borrowing costs. The Fed cut rates three times in 2024, with the last move coming in December. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
