Key Points:
Such a substantial increase in private hiring would indicate a possibly strong labour market as businesses continue to hire aggressively despite the economic uncertainties.
Besides the US October jobs surge, other measures of the economy are mixed. Core PCE, one of the key measures of inflation, stood at 2.2% for the third quarter. This is slightly above forecasts for 2.1% but lower than 2.8% in the prior quarter. In that sense, it reflects some cooling in inflation. However, the slight overshoot compared to expectations may dampen the prospects for future Fed decisions.
Read more: Bitcoin Rate Debate Intensifies Amidst Strong US Jobs Report
The third-quarter Gross Domestic Product was reported to have grown 2.8%, missing the forecast for 3% and a hair below the 3% growth rate in the prior quarter. The slowdown pace of GDP growth would reflect a still-expanding economy that is losing steam compared to earlier in the year. This moderation could reflect a host of challenges, from the high interest rates the Federal Reserve has put in place to control inflation.
The US October jobs may have been interpreted as a sign of resilience, while GDP and inflation numbers reflect a reason for caution. As the year wears on, investors and economists will closely watch upcoming data releases for any continued shifts in the economy.
DISCLAIMER: The information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing. |
George Town, Grand Cayman, 22nd November 2024, Chainwire
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