Bargain-hungry Australians are shopping their hearts out
But this rush of retail blood isn't a display of stronger consumer confidence. Instead, the sales bump has come from left field. The 1.2 per cent boost in June's retail sales was much stronger than the May rise of 0.5 per cent and the April reading, which was flat.
The catch here is that the buying bonanza has been almost entirely driven by bargain hunting for discretionary goods, propelled by clothing, footwear and household items.
Shares of JB Hi-Fi, Harvey Norman, Nick Scali and Wesfarmers rose on the back of the retail data released on Thursday by the Australian Bureau of Statistics, and even department store operator Myer's share price moved up on the news.
Most of the retail categories, even food retailing, came in ahead of expectations in June. The one area that didn't feel the love was eating out and takeaway food, with the sector turning negative in June after a mildly positive reading in May.
But the stronger sales number is a mixed blessing for retailers. While the increased demand and volume of sales is a positive, selling goods at discount is a surefire way of whittling down their profit margins.
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The other worry is that the big spend in June may not be repeated over the next couple of months, meaning any gains to be had will be slowly unwound.
What the data does support is that households have the money and the desire to spend on big-ticket items as long as they believe they are receiving value. It also indicates that Australians have not been unduly fazed by the international economic turmoil introduced by Trump's tariff attack.
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The Advertiser
3 hours ago
- The Advertiser
Trump fires jobs data commissioner after dismal report
US President Donald Trump has removed the head of the agency that produces the monthly jobs figures after a report showed hiring slowed in July and was much weaker in May and June than previously reported. Trump, in a post on his social media platform on Friday, alleged the figures were manipulated for political reasons and said that Erika McEntarfer, the director of the Bureau of Labor Statistics, who was appointed by former president Joe Biden, should be fired. He provided no evidence for the charge. "I have directed my Team to fire this Biden Political Appointee, IMMEDIATELY," Trump said on Truth Social. "She will be replaced with someone much more competent and qualified." After his post, Labour Secretary Lori Chavez-DeRemer said on X that McEntarfer was no longer leading the bureau and that William Wiatrowski, the deputy commissioner, would serve as the acting director. "I support the president's decision to replace Biden's commissioner and ensure the American people can trust the important and influential data coming from BLS," Chavez-DeRemer said. Friday's jobs report showed that just 73,000 jobs were added in July and that 258,000 fewer jobs were created in May and June than previously estimated. McEntarfer was nominated by Biden in 2023 and became the Commissioner of the Bureau of Labor Statistics in January 2024. Commissioners typically serve four-year terms but since they are political appointees can be fired. The commissioner is the only political appointee of the agency, which has hundreds of career civil servants. Trump focused much of his ire on the revisions the agency made to previous hiring data. Job gains in May were revised down to just 19,000 from 125,000, and for June they were cut to 14,000 from 147,000. In July, only 73,000 positions were added. The unemployment rate ticked up to a still-low 4.2 per cent from 4.1 per cent. "No one can be that wrong? We need accurate Jobs Numbers," Trump wrote. "She will be replaced with someone much more competent and qualified. Important numbers like this must be fair and accurate, they can't be manipulated for political purposes." The monthly employment report is one of the most closely-watched pieces of government economic data and can cause sharp swings in financial markets. The disappointing figure sent US market indexes about 1.5 per cent lower Friday. While the jobs numbers are often the subject of political spin, economists and Wall Street investors — with millions of dollars at stake — have always accepted US government economic data as free from political manipulation. US President Donald Trump has removed the head of the agency that produces the monthly jobs figures after a report showed hiring slowed in July and was much weaker in May and June than previously reported. Trump, in a post on his social media platform on Friday, alleged the figures were manipulated for political reasons and said that Erika McEntarfer, the director of the Bureau of Labor Statistics, who was appointed by former president Joe Biden, should be fired. He provided no evidence for the charge. "I have directed my Team to fire this Biden Political Appointee, IMMEDIATELY," Trump said on Truth Social. "She will be replaced with someone much more competent and qualified." After his post, Labour Secretary Lori Chavez-DeRemer said on X that McEntarfer was no longer leading the bureau and that William Wiatrowski, the deputy commissioner, would serve as the acting director. "I support the president's decision to replace Biden's commissioner and ensure the American people can trust the important and influential data coming from BLS," Chavez-DeRemer said. Friday's jobs report showed that just 73,000 jobs were added in July and that 258,000 fewer jobs were created in May and June than previously estimated. McEntarfer was nominated by Biden in 2023 and became the Commissioner of the Bureau of Labor Statistics in January 2024. Commissioners typically serve four-year terms but since they are political appointees can be fired. The commissioner is the only political appointee of the agency, which has hundreds of career civil servants. Trump focused much of his ire on the revisions the agency made to previous hiring data. Job gains in May were revised down to just 19,000 from 125,000, and for June they were cut to 14,000 from 147,000. In July, only 73,000 positions were added. The unemployment rate ticked up to a still-low 4.2 per cent from 4.1 per cent. "No one can be that wrong? We need accurate Jobs Numbers," Trump wrote. "She will be replaced with someone much more competent and qualified. Important numbers like this must be fair and accurate, they can't be manipulated for political purposes." The monthly employment report is one of the most closely-watched pieces of government economic data and can cause sharp swings in financial markets. The disappointing figure sent US market indexes about 1.5 per cent lower Friday. While the jobs numbers are often the subject of political spin, economists and Wall Street investors — with millions of dollars at stake — have always accepted US government economic data as free from political manipulation. US President Donald Trump has removed the head of the agency that produces the monthly jobs figures after a report showed hiring slowed in July and was much weaker in May and June than previously reported. Trump, in a post on his social media platform on Friday, alleged the figures were manipulated for political reasons and said that Erika McEntarfer, the director of the Bureau of Labor Statistics, who was appointed by former president Joe Biden, should be fired. He provided no evidence for the charge. "I have directed my Team to fire this Biden Political Appointee, IMMEDIATELY," Trump said on Truth Social. "She will be replaced with someone much more competent and qualified." After his post, Labour Secretary Lori Chavez-DeRemer said on X that McEntarfer was no longer leading the bureau and that William Wiatrowski, the deputy commissioner, would serve as the acting director. "I support the president's decision to replace Biden's commissioner and ensure the American people can trust the important and influential data coming from BLS," Chavez-DeRemer said. Friday's jobs report showed that just 73,000 jobs were added in July and that 258,000 fewer jobs were created in May and June than previously estimated. McEntarfer was nominated by Biden in 2023 and became the Commissioner of the Bureau of Labor Statistics in January 2024. Commissioners typically serve four-year terms but since they are political appointees can be fired. The commissioner is the only political appointee of the agency, which has hundreds of career civil servants. Trump focused much of his ire on the revisions the agency made to previous hiring data. Job gains in May were revised down to just 19,000 from 125,000, and for June they were cut to 14,000 from 147,000. In July, only 73,000 positions were added. The unemployment rate ticked up to a still-low 4.2 per cent from 4.1 per cent. "No one can be that wrong? We need accurate Jobs Numbers," Trump wrote. "She will be replaced with someone much more competent and qualified. Important numbers like this must be fair and accurate, they can't be manipulated for political purposes." The monthly employment report is one of the most closely-watched pieces of government economic data and can cause sharp swings in financial markets. The disappointing figure sent US market indexes about 1.5 per cent lower Friday. While the jobs numbers are often the subject of political spin, economists and Wall Street investors — with millions of dollars at stake — have always accepted US government economic data as free from political manipulation. US President Donald Trump has removed the head of the agency that produces the monthly jobs figures after a report showed hiring slowed in July and was much weaker in May and June than previously reported. Trump, in a post on his social media platform on Friday, alleged the figures were manipulated for political reasons and said that Erika McEntarfer, the director of the Bureau of Labor Statistics, who was appointed by former president Joe Biden, should be fired. He provided no evidence for the charge. "I have directed my Team to fire this Biden Political Appointee, IMMEDIATELY," Trump said on Truth Social. "She will be replaced with someone much more competent and qualified." After his post, Labour Secretary Lori Chavez-DeRemer said on X that McEntarfer was no longer leading the bureau and that William Wiatrowski, the deputy commissioner, would serve as the acting director. "I support the president's decision to replace Biden's commissioner and ensure the American people can trust the important and influential data coming from BLS," Chavez-DeRemer said. Friday's jobs report showed that just 73,000 jobs were added in July and that 258,000 fewer jobs were created in May and June than previously estimated. McEntarfer was nominated by Biden in 2023 and became the Commissioner of the Bureau of Labor Statistics in January 2024. Commissioners typically serve four-year terms but since they are political appointees can be fired. The commissioner is the only political appointee of the agency, which has hundreds of career civil servants. Trump focused much of his ire on the revisions the agency made to previous hiring data. Job gains in May were revised down to just 19,000 from 125,000, and for June they were cut to 14,000 from 147,000. In July, only 73,000 positions were added. The unemployment rate ticked up to a still-low 4.2 per cent from 4.1 per cent. "No one can be that wrong? We need accurate Jobs Numbers," Trump wrote. "She will be replaced with someone much more competent and qualified. Important numbers like this must be fair and accurate, they can't be manipulated for political purposes." The monthly employment report is one of the most closely-watched pieces of government economic data and can cause sharp swings in financial markets. The disappointing figure sent US market indexes about 1.5 per cent lower Friday. While the jobs numbers are often the subject of political spin, economists and Wall Street investors — with millions of dollars at stake — have always accepted US government economic data as free from political manipulation.
Perth Now
4 hours ago
- Perth Now
Trump fires jobs data commissioner after dismal report
US President Donald Trump has removed the head of the agency that produces the monthly jobs figures after a report showed hiring slowed in July and was much weaker in May and June than previously reported. Trump, in a post on his social media platform on Friday, alleged the figures were manipulated for political reasons and said that Erika McEntarfer, the director of the Bureau of Labor Statistics, who was appointed by former president Joe Biden, should be fired. He provided no evidence for the charge. "I have directed my Team to fire this Biden Political Appointee, IMMEDIATELY," Trump said on Truth Social. "She will be replaced with someone much more competent and qualified." After his post, Labour Secretary Lori Chavez-DeRemer said on X that McEntarfer was no longer leading the bureau and that William Wiatrowski, the deputy commissioner, would serve as the acting director. "I support the president's decision to replace Biden's commissioner and ensure the American people can trust the important and influential data coming from BLS," Chavez-DeRemer said. Friday's jobs report showed that just 73,000 jobs were added in July and that 258,000 fewer jobs were created in May and June than previously estimated. McEntarfer was nominated by Biden in 2023 and became the Commissioner of the Bureau of Labor Statistics in January 2024. Commissioners typically serve four-year terms but since they are political appointees can be fired. The commissioner is the only political appointee of the agency, which has hundreds of career civil servants. Trump focused much of his ire on the revisions the agency made to previous hiring data. Job gains in May were revised down to just 19,000 from 125,000, and for June they were cut to 14,000 from 147,000. In July, only 73,000 positions were added. The unemployment rate ticked up to a still-low 4.2 per cent from 4.1 per cent. "No one can be that wrong? We need accurate Jobs Numbers," Trump wrote. "She will be replaced with someone much more competent and qualified. Important numbers like this must be fair and accurate, they can't be manipulated for political purposes." The monthly employment report is one of the most closely-watched pieces of government economic data and can cause sharp swings in financial markets. The disappointing figure sent US market indexes about 1.5 per cent lower Friday. While the jobs numbers are often the subject of political spin, economists and Wall Street investors — with millions of dollars at stake — have always accepted US government economic data as free from political manipulation.
The Advertiser
6 hours ago
- The Advertiser
Stocks slump on latest tariffs, soft jobs data
US stocks slumped on Friday, and the S&P suffered its biggest daily percentage decline in more than two months as new US tariffs on dozens of trading partners and a surprisingly weak jobs report spurred selling pressure. Also weighing on equities was an 8.3 per cent tumble in shares after the company posted quarterly results but failed to meet lofty expectations for its Amazon Web Services cloud computing unit. Just hours before the tariff deadline on Friday, President Donald Trump signed an executive order imposing duties on US imports from countries, including Canada, Brazil, India and Taiwan, in his latest round of levies as countries attempted to seek ways to reach better deals. Further denting confidence in the economic picture, data showed US job growth slowed more than expected in July while the prior month's report was revised sharply lower, indicating the labour market may be starting to crack. The report significantly pushed up expectations the Federal Reserve will cut interest rates at its September meeting. "There's no way to pretty-up this report. Previous months were revised significantly lower where the labour market has been on stall-speed," said Brian Jacobsen, Chief Economist at Annex Wealth Management in Menomonee Falls, Wisconsin. "Last year the Fed messed up by not cutting in July so they did a catch-up cut at their next meeting. They'll likely have to do the same thing this year." Market expectations the Fed will cut rates by at least 25 basis points at its September meeting stood at 86.5 per cent, according to CME's FedWatch Tool, up from 37.7 per cent in the prior session. The Dow Jones Industrial Average fell 542.40 points, or 1.23 per cent, to 43,588.58, the S&P 500 lost 101.38 points, or 1.60 per cent, to 6,238.01 and the Nasdaq Composite lost 472.32 points, or 2.24 per cent, to 20,650.13. The S&P 500 recorded its biggest single-day percentage decline since May 21 while the Nasdaq suffered its biggest daily percentage drop since April 21. For the week, the S&P 500 fell 2.36 per cent, the Nasdaq declined 2.17 per cent, and the Dow fell 2.92 per cent. The CBOE Volatility Index, also known as Wall Street's fear gauge, closed up 3.66 points at 20.38, its highest close since June 20. Amazon was the biggest drag on the Dow, S&P 500 and Nasdaq and pushed the consumer discretionary index, down nearly 3.6 per cent as the worst performing of the 11 major S&P 500 sectors. Also reporting earnings was Apple, which lost 2.5 per cent after it posted a current-quarter revenue forecast well above Wall Street estimates, but CEO Tim Cook warned US tariffs would add $US1.1 billion ($A1.7 billion) in costs over the period. Stocks briefly extended declines after Trump said he ordered the commissioner of the US Bureau of Labor Statistics, Erika L. McEntarfer, to be fired in the wake of the jobs data. "(Trump) didn't seem to be disappointed with the last five jobs reports," said Art Hogan, Chief Market Strategist, B. Riley Wealth, Boston, saying that the firing stood out as irregular. "I think this is clearly something that happens in dictatorships, not in democracies." The Federal Reserve said Governor Adriana Kugler is resigning early from her term and will exit the central bank on Aug. 8, enabling President Donald Trump to select a new governor as he has ramped up pressure against Chair Jerome Powell recently to cut interest rates. Declining issues outnumbered advancers by a 2.17-to-1 ratio on the NYSE, and by a 2.69-to-1 ratio on the Nasdaq. The S&P 500 posted eight new 52-week highs and 29 new lows, while the Nasdaq Composite recorded 29 new highs and 202 new lows. Volume on US exchanges was 19.51 billion shares, compared with the 18.44 billion average for the full session over the last 20 trading days. US stocks slumped on Friday, and the S&P suffered its biggest daily percentage decline in more than two months as new US tariffs on dozens of trading partners and a surprisingly weak jobs report spurred selling pressure. Also weighing on equities was an 8.3 per cent tumble in shares after the company posted quarterly results but failed to meet lofty expectations for its Amazon Web Services cloud computing unit. Just hours before the tariff deadline on Friday, President Donald Trump signed an executive order imposing duties on US imports from countries, including Canada, Brazil, India and Taiwan, in his latest round of levies as countries attempted to seek ways to reach better deals. Further denting confidence in the economic picture, data showed US job growth slowed more than expected in July while the prior month's report was revised sharply lower, indicating the labour market may be starting to crack. The report significantly pushed up expectations the Federal Reserve will cut interest rates at its September meeting. "There's no way to pretty-up this report. Previous months were revised significantly lower where the labour market has been on stall-speed," said Brian Jacobsen, Chief Economist at Annex Wealth Management in Menomonee Falls, Wisconsin. "Last year the Fed messed up by not cutting in July so they did a catch-up cut at their next meeting. They'll likely have to do the same thing this year." Market expectations the Fed will cut rates by at least 25 basis points at its September meeting stood at 86.5 per cent, according to CME's FedWatch Tool, up from 37.7 per cent in the prior session. The Dow Jones Industrial Average fell 542.40 points, or 1.23 per cent, to 43,588.58, the S&P 500 lost 101.38 points, or 1.60 per cent, to 6,238.01 and the Nasdaq Composite lost 472.32 points, or 2.24 per cent, to 20,650.13. The S&P 500 recorded its biggest single-day percentage decline since May 21 while the Nasdaq suffered its biggest daily percentage drop since April 21. For the week, the S&P 500 fell 2.36 per cent, the Nasdaq declined 2.17 per cent, and the Dow fell 2.92 per cent. The CBOE Volatility Index, also known as Wall Street's fear gauge, closed up 3.66 points at 20.38, its highest close since June 20. Amazon was the biggest drag on the Dow, S&P 500 and Nasdaq and pushed the consumer discretionary index, down nearly 3.6 per cent as the worst performing of the 11 major S&P 500 sectors. Also reporting earnings was Apple, which lost 2.5 per cent after it posted a current-quarter revenue forecast well above Wall Street estimates, but CEO Tim Cook warned US tariffs would add $US1.1 billion ($A1.7 billion) in costs over the period. Stocks briefly extended declines after Trump said he ordered the commissioner of the US Bureau of Labor Statistics, Erika L. McEntarfer, to be fired in the wake of the jobs data. "(Trump) didn't seem to be disappointed with the last five jobs reports," said Art Hogan, Chief Market Strategist, B. Riley Wealth, Boston, saying that the firing stood out as irregular. "I think this is clearly something that happens in dictatorships, not in democracies." The Federal Reserve said Governor Adriana Kugler is resigning early from her term and will exit the central bank on Aug. 8, enabling President Donald Trump to select a new governor as he has ramped up pressure against Chair Jerome Powell recently to cut interest rates. Declining issues outnumbered advancers by a 2.17-to-1 ratio on the NYSE, and by a 2.69-to-1 ratio on the Nasdaq. The S&P 500 posted eight new 52-week highs and 29 new lows, while the Nasdaq Composite recorded 29 new highs and 202 new lows. Volume on US exchanges was 19.51 billion shares, compared with the 18.44 billion average for the full session over the last 20 trading days. US stocks slumped on Friday, and the S&P suffered its biggest daily percentage decline in more than two months as new US tariffs on dozens of trading partners and a surprisingly weak jobs report spurred selling pressure. Also weighing on equities was an 8.3 per cent tumble in shares after the company posted quarterly results but failed to meet lofty expectations for its Amazon Web Services cloud computing unit. Just hours before the tariff deadline on Friday, President Donald Trump signed an executive order imposing duties on US imports from countries, including Canada, Brazil, India and Taiwan, in his latest round of levies as countries attempted to seek ways to reach better deals. Further denting confidence in the economic picture, data showed US job growth slowed more than expected in July while the prior month's report was revised sharply lower, indicating the labour market may be starting to crack. The report significantly pushed up expectations the Federal Reserve will cut interest rates at its September meeting. "There's no way to pretty-up this report. Previous months were revised significantly lower where the labour market has been on stall-speed," said Brian Jacobsen, Chief Economist at Annex Wealth Management in Menomonee Falls, Wisconsin. "Last year the Fed messed up by not cutting in July so they did a catch-up cut at their next meeting. They'll likely have to do the same thing this year." Market expectations the Fed will cut rates by at least 25 basis points at its September meeting stood at 86.5 per cent, according to CME's FedWatch Tool, up from 37.7 per cent in the prior session. The Dow Jones Industrial Average fell 542.40 points, or 1.23 per cent, to 43,588.58, the S&P 500 lost 101.38 points, or 1.60 per cent, to 6,238.01 and the Nasdaq Composite lost 472.32 points, or 2.24 per cent, to 20,650.13. The S&P 500 recorded its biggest single-day percentage decline since May 21 while the Nasdaq suffered its biggest daily percentage drop since April 21. For the week, the S&P 500 fell 2.36 per cent, the Nasdaq declined 2.17 per cent, and the Dow fell 2.92 per cent. The CBOE Volatility Index, also known as Wall Street's fear gauge, closed up 3.66 points at 20.38, its highest close since June 20. Amazon was the biggest drag on the Dow, S&P 500 and Nasdaq and pushed the consumer discretionary index, down nearly 3.6 per cent as the worst performing of the 11 major S&P 500 sectors. Also reporting earnings was Apple, which lost 2.5 per cent after it posted a current-quarter revenue forecast well above Wall Street estimates, but CEO Tim Cook warned US tariffs would add $US1.1 billion ($A1.7 billion) in costs over the period. Stocks briefly extended declines after Trump said he ordered the commissioner of the US Bureau of Labor Statistics, Erika L. McEntarfer, to be fired in the wake of the jobs data. "(Trump) didn't seem to be disappointed with the last five jobs reports," said Art Hogan, Chief Market Strategist, B. Riley Wealth, Boston, saying that the firing stood out as irregular. "I think this is clearly something that happens in dictatorships, not in democracies." The Federal Reserve said Governor Adriana Kugler is resigning early from her term and will exit the central bank on Aug. 8, enabling President Donald Trump to select a new governor as he has ramped up pressure against Chair Jerome Powell recently to cut interest rates. Declining issues outnumbered advancers by a 2.17-to-1 ratio on the NYSE, and by a 2.69-to-1 ratio on the Nasdaq. The S&P 500 posted eight new 52-week highs and 29 new lows, while the Nasdaq Composite recorded 29 new highs and 202 new lows. Volume on US exchanges was 19.51 billion shares, compared with the 18.44 billion average for the full session over the last 20 trading days. US stocks slumped on Friday, and the S&P suffered its biggest daily percentage decline in more than two months as new US tariffs on dozens of trading partners and a surprisingly weak jobs report spurred selling pressure. Also weighing on equities was an 8.3 per cent tumble in shares after the company posted quarterly results but failed to meet lofty expectations for its Amazon Web Services cloud computing unit. Just hours before the tariff deadline on Friday, President Donald Trump signed an executive order imposing duties on US imports from countries, including Canada, Brazil, India and Taiwan, in his latest round of levies as countries attempted to seek ways to reach better deals. Further denting confidence in the economic picture, data showed US job growth slowed more than expected in July while the prior month's report was revised sharply lower, indicating the labour market may be starting to crack. The report significantly pushed up expectations the Federal Reserve will cut interest rates at its September meeting. "There's no way to pretty-up this report. Previous months were revised significantly lower where the labour market has been on stall-speed," said Brian Jacobsen, Chief Economist at Annex Wealth Management in Menomonee Falls, Wisconsin. "Last year the Fed messed up by not cutting in July so they did a catch-up cut at their next meeting. They'll likely have to do the same thing this year." Market expectations the Fed will cut rates by at least 25 basis points at its September meeting stood at 86.5 per cent, according to CME's FedWatch Tool, up from 37.7 per cent in the prior session. The Dow Jones Industrial Average fell 542.40 points, or 1.23 per cent, to 43,588.58, the S&P 500 lost 101.38 points, or 1.60 per cent, to 6,238.01 and the Nasdaq Composite lost 472.32 points, or 2.24 per cent, to 20,650.13. The S&P 500 recorded its biggest single-day percentage decline since May 21 while the Nasdaq suffered its biggest daily percentage drop since April 21. For the week, the S&P 500 fell 2.36 per cent, the Nasdaq declined 2.17 per cent, and the Dow fell 2.92 per cent. The CBOE Volatility Index, also known as Wall Street's fear gauge, closed up 3.66 points at 20.38, its highest close since June 20. Amazon was the biggest drag on the Dow, S&P 500 and Nasdaq and pushed the consumer discretionary index, down nearly 3.6 per cent as the worst performing of the 11 major S&P 500 sectors. Also reporting earnings was Apple, which lost 2.5 per cent after it posted a current-quarter revenue forecast well above Wall Street estimates, but CEO Tim Cook warned US tariffs would add $US1.1 billion ($A1.7 billion) in costs over the period. Stocks briefly extended declines after Trump said he ordered the commissioner of the US Bureau of Labor Statistics, Erika L. McEntarfer, to be fired in the wake of the jobs data. "(Trump) didn't seem to be disappointed with the last five jobs reports," said Art Hogan, Chief Market Strategist, B. Riley Wealth, Boston, saying that the firing stood out as irregular. "I think this is clearly something that happens in dictatorships, not in democracies." The Federal Reserve said Governor Adriana Kugler is resigning early from her term and will exit the central bank on Aug. 8, enabling President Donald Trump to select a new governor as he has ramped up pressure against Chair Jerome Powell recently to cut interest rates. Declining issues outnumbered advancers by a 2.17-to-1 ratio on the NYSE, and by a 2.69-to-1 ratio on the Nasdaq. The S&P 500 posted eight new 52-week highs and 29 new lows, while the Nasdaq Composite recorded 29 new highs and 202 new lows. Volume on US exchanges was 19.51 billion shares, compared with the 18.44 billion average for the full session over the last 20 trading days.
