Latest news with #USJobs
Bloomberg
4 days ago
- Business
- Bloomberg
Here Are the Takeaways From the US Jobs Report for May
Here are five key takeaways from the US employment report for May, released Friday: To access the full live blog, click here to read on the Terminal and here online.
Malay Mail
6 days ago
- Business
- Malay Mail
Asian markets edge higher as weak US data lifts rate-cut hopes, eyes on Trump-Xi talks
HONG KONG, June 5 — Asian shares mostly rose Thursday after soft US economic data boosted expectations the Federal Reserve will soon cut interest rates and put the focus on key jobs figures coming at the end of the week. Investors were also keeping track of developments in Donald Trump's trade war and signs of movement on possible talks between the US president and his Chinese counterpart Xi Jinping. Wall Street provided an uninspiring lead as a report by payroll firm ADP showed private-sector jobs rose by 37,000 last month, a sharp slowdown from April's 60,000 and less than a third of what was forecast in a Bloomberg survey. Another survey showed activity in the services sector contracted in May for the first time since June last year. The readings stoked concerns that the world's number one economy was stuttering, with the Fed's closely watched 'Beige Book' study noting that 'economic activity has declined slightly'. It flagged household and business caution caused by slower hiring and heightened uncertainty surrounding Trump's policies. However, the readings ramped up bets on a Fed cut, with markets pricing in two by the end of the year, with the first in September. Eyes are now on the non-farm payrolls release on Friday, which the central bank uses to help shape monetary policy. Still, there is some concern that the US president's tariff blitz will ramp up inflation, which could put pressure on the Fed to keep borrowing costs elevated. Most of Asia rose in early trade, with Hong Kong, Sydney, Singapore, Taipei and Wellington up. Shanghai was flat and Tokyo fell ahead of a closely watched Japanese government bond auction. Seoul rallied more than two percent on continued excitement after the election of a new president ended a six-month power vacuum. The won rose around 0.4 per cent, building on a recent run-up. Jakarta edged higher as Indonesia's government began rolling out a US$1.5 billion (RM6.4 billion) stimulus package after South-east Asia's biggest economy saw its slowest growth in more than three years in the first quarter. The possibility of US rate cuts hit the dollar Wednesday and it struggled to recover in Asia, making small inroads against the yen, pound and euro. Investors are awaiting news of talks between Trump and Xi, with the White House saying they could take place this week. But while tariffs remain a millstone around investors' necks, IG's chief market analyst Chris Beauchamp said traders seemed less concerned than they were after the US president's April 2 'Liberation Day' fireworks. 'With markets still rising, the overall view appears to still be that the US is no longer serious about imposing tariffs at the levels seen in April,' he wrote in a commentary. 'President Trump appears fixated on a call with China's president that might help to move the situation forward, but Beijing remains wary of committing itself to any deal. 'This does leave markets open to another sudden shock, which might replicate some of the volatility seen in April. But that manic period appears to have dissuaded the administration from further major tariff announcements.' — AFP
Reuters
02-06-2025
- Business
- Reuters
Mexico records worst monthly remittance decline since 2012
MEXICO CITY, June 2 (Reuters) - Remittances sent to Mexico recorded an 12.1% slump in April compared to a year earlier, according to central bank data published on Monday, marking the steepest drop in over a decade as U.S. lawmakers mull a tax on such payments sent abroad. Mexico is the world's second largest recipient of remittances, received $4.76 billion in April, as workers living abroad sent fewer transactions as well as smaller payments. April's data marked the steepest year-on-year drop since September 2012, according to central bank data. Some 12.3 million Mexicans live abroad and 97% of these live in the neighboring United States, according to estimates last year from BBVA Research, which said last year had marked Mexican remittances' eleventh straight year of growth. Banco Base economic analysis director Gabriela Siller said April's drop was likely due to a weaker U.S. job markets and migrants' fear of losing their jobs or being deported. "The April remittance data is terrible," she said in a post on X, attributing the drop to "the deterioration of the labor market in the U.S. and U.S. migrants' fear of going out to work and sending their remittances, for fear of being deported." The central bank said April saw 8.1% fewer transactions than a year earlier while payment amounts were down 4.4%. Mexican officials have argued that taxing remittances could violate the countries' treaty to avoid double taxation, as migrants' income tax are already subject to local taxes. In 2024, Mexicans living abroad sent some $64.75 billion home in remittances - largely from Texas and California to states in central and western Mexico - breaking a fresh record. Through the first four months of 2025, the central bank recorded remittances of $19.02 billion, down 2.5% from last year.
Bloomberg
23-05-2025
- Business
- Bloomberg
The $3 Trillion in Capital Needed to Bring Back US Factory Jobs
I'm Mark Niquette, a US economy reporter in Columbus, Ohio. Today we're looking at bringing back manufacturing jobs to the US. Send us feedback and tips to ecodaily@ And if you aren't yet signed up to receive this newsletter, you can do so here. Will sweeping tariffs spark a resurgence of US manufacturing? Not in the near term, and possibly yes in the long term, but at a high cost, according to Wells Fargo economists.
