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CNBC's Jim Cramer admitted it's been hard to "parse this economy," but on Tuesday he pointed to signs that it is slowing down, looking at several recent weak earnings reports and new U.S. manufacturing and services data. While some companies are posting positive financial reports, Cramer said earnings have become "spotty." He also said home furnishing retailer RH 's business was hurt by high rates and a lack of new home sales. "Real bad news for the economy," Cramer said. "But remember, we need bad news for the economy because that's what cools off inflation — something that's also noted in this PMI report."
Persons: CNBC's Jim Cramer, it's, Cramer, CarMax, that's, RH Organizations: PMI, Global
The U.S. skilled labor market is facing "record-high pressure," according to new research from McKinsey & Co., as more workers age out and fewer young people train to fill their jobs as construction workers, plumbers, welders and more. The most in-demand jobs companies are hiring for right now — that don't require a degree — are in construction, manufacturing and plumbing, according to data from Payscale and ZipRecruiter exclusively shared with CNBC Make It:1. Journeyman plumberMedian salary: $61,500It's important to note that there are different levels of certification for some trade jobs including plumbers and electricians. All of these jobs saw at least a 16% increase in openings on ZipRecruiter between October 2023 and March 2024. The median pay for fleet managers without degrees is $64,600 while journeyman electricians make $62,600 on average, according to Payscale.
Persons: ZipRecruiter, Ruth Thomas, Thomas Organizations: McKinsey & Co, Labor, CNBC Locations: U.S, Payscale
Investors should consider commodities due to a "big change" involving international expansion, according to VanEck CEO Jan van Eck. "The world economy started growing again," van Eck told CNBC's "ETF Edge" this week. Manufacturing PMI is now positive in China as of March," said van Eck. Its exchange-traded funds include the VanEck Gold Miners ETF (GDX) and VanEck Oil Refiners ETF (CRAK) . Van Eck highlights copper 's momentum as a positive sign for demand.
Persons: Jan van Eck, van Eck, CNBC's, Van Eck Organizations: PMI, Gold Miners Locations: China
President Biden on Wednesday called for major increases to some tariffs on steel and aluminum products from China, speaking to members of a national steelworkers union in Pittsburgh as he vies with former President Donald J. Trump for votes in Northern industrial states. “These are strategic and targeted actions that are going to protect American workers and ensure fair competition,” Mr. Biden told a crowd of about 100 union members at the United Steelworkers, which endorsed him last month. “Meanwhile, my predecessor and the MAGA Republicans want across-the-board tariffs on all imports, from all countries, that could badly hurt American consumers.”The Biden administration has argued that a flood of low-cost exports from China is undermining American-made products — jeopardizing Mr. Biden’s push to expand U.S. manufacturing, a central focus of his economic agenda. In his speech, Mr. Biden said he would ask the U.S. trade representative, Katherine Tai, to increase tariffs to what White House officials said would be 25 percent on certain Chinese products that now face tariffs of 7.5 percent, or none at all, pending the outcome of an administration review of the China tariffs initially imposed under Mr. Trump.
Persons: Biden, Donald J, Trump, ” Mr, MAGA, , Biden’s, Katherine Tai Organizations: steelworkers union, United Steelworkers, MAGA Republicans, White, Mr Locations: China, Pittsburgh, Northern, American, U.S
Business Insider looked at how components of the labor market have settled down, like wage growth. And that more boring but steady labor market could be great news for workers and job seekers. The US could be in a Goldilocks job market. Job switchers are seeing higher wage growth than people staying, according to the 12-month moving average of median wage growth from the Atlanta Fed's Wage Growth Tracker. So what will happen to the Goldilocks job market?
Persons: Nick Bunker, Bunker, , That's, Julia Pollak, ZipRecruiter's, " Pollak, Pollak, Job, Julie Su, switchers, Eugenio Alemán, Raymond James, Juliana Kaplan Organizations: Service, North America, BLS Locations: Atlanta
How the corporate America is handling sticky inflation and the prospect of higher interest rates will be top of mind for investors in the week ahead, after this week's choppy moves. The first-quarter earnings season, which kicked off Friday, will give Wall Street insight into how businesses expect to weather an environment of elevated interest rates. More macro data, such as U.S. retail sales, will give insight into how the consumer is handling higher pricing pressures. First-quarter earnings season underway The corporate earnings season kicks into high gear in the week ahead. This week, the small cap Russell 2000 is on track for a losing week, down by more than 1%.
Persons: Bob Doll, CNBC's, Wolfe, Rob Ginsberg, Ginsberg, Goldman Sachs, Morgan Stanley, FactSet, Robert Haworth, Haworth, Charles Schwab, Johnson, D.R, KeyCorp Organizations: Dow Jones Industrial, Exxon Mobil, Costco, Apple, Crossmark, Investments, Investors, Bank of America, Consumer, U.S . Bank, Index, Retail, T Bank, Housing, Manufacturing, Hunt Transport Services, United Airlines, Johnson, Bank of New York Mellon, UnitedHealth Group, Northern Trust, CSX, Discover Financial Services, Prologis, U.S . Bancorp, Philadelphia Fed, American Express, Procter, Gamble, Fifth Third Bancorp, Schlumberger Locations: America, China, NAHB, Vegas Sands, U.S, Horton
U.S. oil prices have climbed to their highest level since late October, as the rally in the key commodity becomes something equity investors cannot afford to look past. In other words, the latest ISM Manufacturing report serves to support the view that the U.S. economy is doing much better than many believed it would just a few months ago. Oil trading at its highest levels since late October has implications for stock market investors. The Fed's preferred measure of inflation may be the core personal consumption expenditures price index, which removes the impact of food and energy prices, but consumers still pay for energy. The rise in energy prices — particularly at the gas pump — can result in a decrease of discretionary dollars left for other purchases.
Persons: Brent, , Jim Cramer, Jim Cramer's, Jim, Frederic J, Brown Organizations: West Texas, Coterra Energy, Energy, Organization of Petroleum, PMI, Manufacturing, Reuters, Federal Reserve, Fed, Bank of, CNBC, Afp, Getty Locations: U.S, Russia, OPEC, China, Ukraine, Ukrainian, Russian, Iranian, Syria, Iran, Taft, Kern County , California
Gold smashes record again as U.S. inflation worries loom
  + stars: | 2024-04-03 | by ( ) www.cnbc.com   time to read: +2 min
Gold prices extended a record run on Wednesday as concerns of rising inflation boosted demand for gold as a hedge, with bullion traders shrugging off doubts over an imminent U.S. interest rate cut and rising Treasury yields. Gold prices extended a record run on Wednesday as concerns of rising inflation boosted demand for gold as a hedge, with bullion traders shrugging off doubts over an imminent U.S. interest rate cut and rising Treasury yields. Spot gold was up 0.3% at $2,286.24 per ounce, as of 0406 GMT, and hit a record high of $2,288.09 earlier in the session. Data this week showed U.S. manufacturing unexpectedly rebounded, with the rise in raw materials prices triggering fears that inflation could resurge. "With commodity prices rising in general, it brings the risks of another round of inflation - so perhaps investors are hedging for inflation," Simpson said.
Persons: Bullion, Matt Simpson, Simpson, Edward Meir said Organizations: Index, Federal Locations: U.S, Ukraine, Asia
The 2-year Treasury note yield was flat at 4.712%. The 10-year Treasury note yield rose slightly Tuesday, adding to its gains from the previous session, as traders reassessed the possibility of the Federal Reserve cutting rates in June. The ISM manufacturing index rose to 50.3, up from 47.8 in February and significantly better than the 48.1 Dow Jones consensus estimate. Markets interpreted the unexpected return of U.S. manufacturing growth "as reducing the chances of meaningful Fed rate cuts," Dutch bank ING said in a research note. The Fed also said at the time that it still expects three quarter-percentage point cuts by the end of the year.
Persons: Gregory Faranello, Jeff Cox, Fred Imbert Organizations: Federal Reserve, Dow Jones, ING, AmeriVet Securities Locations: U.S
Gold prices on Tuesday hovered below record highs hit in the previous session, as the U.S. dollar and Treasury yields held firm after strong U.S. data flagged doubts on whether the Federal Reserve would deliver three interest rate cuts this year. Spot gold was unchanged at $2,250.79 per ounce, as of 0415 GMT, holding below an all-time high of $2,265.49 hit on Monday. "Gold notched up a new record price, though with that high watermark also came some overbought conditions, which has resulted in a mild pullback. Traders pared bets of a June interest rate cut to 63% after the data, according to the CME Group's FedWatch Tool. Gold tends to gain when interest rates are cut as it reduces the opportunity cost of holding bullion.
Persons: Tim Waterer, Jerome Powell, Waterer Organizations: U.S ., Treasury, Federal Reserve, KCM Trade, U.S Locations: .
China's manufacturing activity expanded for the first time in six months in March, an official factory survey showed on Sunday, offering relief to policymakers even as a crisis in the property sector remains a drag on the economy and confidence. New export orders rose into positive territory, breaking a 11-month slump, but employment continued to shrink, albeit at a slower rate, the PMI data showed. Premier Li Qiang announced an ambitious 2024 economic growth target of around 5% earlier this month at the annual meeting of the National People's Congress, China's rubber-stamp parliament. Citi on Thursday raised its economic growth forecast for China for this year to 5.0% from 4.6%, citing "recent positive data and policy delivery". China's cabinet on March 1 approved a plan aimed at promoting large-scale equipment upgrades and sales of consumer goods.
Persons: Zhou Maohua, Premier Li Qiang Organizations: PMI, China Everbright Bank, Manufacturing, Premier, National People's Congress, Citi Locations: Shandong, China, Japan
The annual reading is above the 2% target set by the central bank but is a slight deceleration from the 2.9% annual rate in December and January. Looking ahead to next week, it's all about the macroeconomic updates as the first quarter earnings season is mostly over. ET: ISM Manufacturing PMI After the bell: PVH Corp. (PVH), Canoo (GOEV) Tuesday, April 2 10:00 a.m. ET: ISM Services PMI Before the bell: Acuity Brands (AYI) After the bell: BlackBerry (BB), Levi Strauss (LEVI) Thursday, April 4 8:30 a.m. If Jim has talked about a stock on CNBC TV, he waits 72 hours after issuing the trade alert before executing the trade.
Persons: Dow, payrolls, Paychex, Calvin Klein, Tommy Hilfiger, Buster's, Levi Strauss, LEVI, Lamb Weston, Jim Cramer's, Jim Cramer, Jim, Eric Thayer Organizations: Dow Jones, Nasdaq, Federal, Cal, Maine Foods, Conagra, PVH Corp, PMI, Maine, Brands, Jim Cramer's Charitable, CNBC, Workers, Grand Central Market, Bloomberg, Getty Locations: U.S, Cal, Los Angeles , California
Trump's proposed import tariff would cost an extra $1,500 annually for Americans, according to a left-leaning think tank. Trump has championed his tax plan as favoring US interests over China, but the think tank argues he misunderstands tariffs. AdvertisementTrump's proposed import tariff would tack on an extra $1,500 per year for Americans, says a left-leaning Washington think tank. AdvertisementThe think tank estimated Americans will face a whopping $3.2 trillion influx of foreign goods. With a 10% tariff, that'd be an extra $300 billion in taxes on goods, roughly translating into $1,700 per household in the tariff's debut year.
Persons: Trump's, Trump, , Brendan Duke, Ryan Mulholland Organizations: American Progress, Service, White, Republican Locations: China, Washington
The rise of BYD and other Chinese automakers led Tesla CEO Elon Musk in January to warn that Chinese automakers will "demolish" global rivals without trade barriers. Caresoft, an engineering benchmarking and consulting firm, has already torn down one China-built BYD Seagull and is preparing to do another. Michael Wayland / CNBCThe consulting firm tore apart the BYD Seagull piece by piece to benchmark the small EV against vehicles from other startups and traditional automakers. Its initial study of the BYD Seagull found it to be efficiently and simplistically designed, engineered and executed, but with unexpected quality and anticipated reliability. Growing concernsBYD's rise comes at a precarious time for global auto industry dynamics.
Persons: It's, Terry Woychowski, Warren Buffett, , BYD, Tesla, Elon Musk, Caresoft Bernstein, Nissan, Michael Wayland, Caresoft, simplistically, Woychowski, Mathew Vachaparampil, CNBC BYD, Stellantis —, Donald Trump, Zach Gibson, Jennifer Granholm, Republican Sen, Marco Rubio, Trump, , GM Dong, Tang, Marin Gjaja, Gjaja, Ford, you've, Evelyn Cheng, Dylan Butts Organizations: Shanghai International Automobile Industry, National Exhibition, Convention Center, Visual China, Getty, U.S, General Motors, Caresoft, Alliance for American Manufacturing, Overseas, Chevrolet, Nissan Leaf, Bolt, Chicago Federal Reserve, BYD, CNBC, Cox Automotive, Seagull, Tesla, Toyota Motor, Nissan Motor, Honda Motor, Hyundai, Kia, — GM, Ford, Chrysler, U.S ., Washington , D.C, Bloomberg, Republican, North American Free Trade, Republicans, Buick, SAIC, GM, GM Dong Yue Motors Co, Detroit Locations: Shanghai, LIVONIA, Mich, , China, Europe, Latin America, Detroit, Texas, Germany, Japan, U.S, Livonia , Michigan, America, XPENG, Mexico, Thailand, Brazil, Indonesia, Hungary, Uzbekistan, ., Washington ,, United States, Marco Rubio of Florida, Yantai, Shandong Province
"What we see right now is the unfolding of a slow-motion train accident," he told reporters at a briefing last week. "That's when trade becomes a security question and I think that is perhaps not fully appreciated in China just yet." There needs to be an honest conversation between Europe and China about what this is going to mean. The EU was China's largest regional trading partner until Southeast Asia recently surpassed it. The U.S. is China's largest trading partner on a single-country basis.
Persons: Jens Eskelund, Eskelund, I've, Markus Herrmann Chen Organizations: Future Publishing, Getty, European Union Chamber of Commerce, EU, of Commerce, Investment, China Macro Locations: Hefei, Anhui province, BEIJING, Europe, Beijing, China, Southeast Asia, U.S
First Solar , the largest panel manufacturer in the U.S., expects to receive about $1 billion in tax credits this year for making its products domestically. Eight of the top 10 congressional districts in terms of solar investments are represented by Republicans, according to the think tank. Enphase CEO Badri Kothandaraman is blunt that repealing the IRA tax provisions would hurt domestic manufacturing. Enphase makes inverters, a crucial component that converts solar energy harvested by panels into electricity that's usable in homes and in the power grid. Republicans appear less opposed to the wind and solar tax credits, Marcus said.
Persons: Biden, Trump's, Mark Widmar, Widmar, we've, who's, Badri Kothandaraman, Kothandaraman, Trump, Enphase, Tobin Marcus, Marcus, Wolfe, Dan Shugar, Shugar, John Berger, Berger Organizations: Republican, Financial Times, Republicans, House, First, CNBC, GOP, Center, American Progress, Wolfe Research, Senate, Trump, Investors, Detroit autoworkers, Department of Energy Locations: U.S, Arizona, Ohio, Louisiana, Alabama, Puerto Rico, Columbia , South Carolina, Arlington , Texas, Houston
Europe regulator says it would pull Boeing approval if needed
  + stars: | 2024-03-14 | by ( ) www.cnbc.com   time to read: +1 min
Signage outside the Boeing Co. manufacturing facility in Renton, Washington, US, on Monday, Feb. 5, 2024. The acting head of Europe's aviation regulator said on Wednesday the agency would halt its indirect approval of Boeing's jet production if warranted, but he feels reassured that the plane maker is tackling its latest safety crisis. Asked if EASA would be prepared to stop recognizing U.S. production safety approvals declaring that Boeing jets are built safely, Tytgat said, "If need be, yes." The U.S. Federal Aviation Administration, or FAA, said last week an audit of Boeing and supplier Spirit AeroSystems found multiple instances of poor controls. Under a transatlantic pact, the FAA and EASA regulate the factories of their respective plane makers — Boeing and Airbus — and recognize each other's safety approvals.
Persons: Luc Tytgat, Tytgat, AeroSystems Organizations: Boeing Co, Reuters, European Union Aviation Safety, Boeing, U.S . Federal Aviation Administration, FAA, Airbus — Locations: Renton , Washington, US
The February consumer price index, set for release Tuesday, and the producer price index, due out Thursday, could hurt equities if the reports come out hotter than expected. The S & P 500 closed out the week with losses, but has advanced more than 7% for the year. Some stubborn spots in inflation February's consumer inflation data next week comes after January's surprisingly hot report dented investor hopes the so-called last mile to the Fed's 2% inflation target will be easy. Export Price Index (February) 8:30 a.m. Import Price Index (February) 8:30 a.m.
Persons: Giuseppe Sette, FactSet, James Ragan, Davidson, Nordstrom, Davidson's Ragan, Kathleen Grace, Russell, Office's Grace, Grace, Price, Jeff Cox, Nick Wells Organizations: Fed, Nvidia, Meta, Oracle, Treasury Budget, Adobe, Price, Index, Manufacturing Locations: chug, Michigan
Read previewFebruary's job growth was strong and similar to January's revised job gain. According to Friday's news release from the Bureau of Labor Statistics, the US experienced job growth of 275,000 in February. Additionally, December's job growth of 333,000 stated in the February release was updated to 290,000 in the new report. Leisure and hospitality saw large job growth in February, with an increase of 58,000. Pollak also pointed out the large job gains seen in December and January were revised downward and an increase in the unemployment rate in February.
Persons: , Labor Julie Su, Julia Pollak, Pollak, Nick Bunker, Bunker, That's Organizations: Service, Bureau of Labor Statistics, Business, Labor, BLS, North, Labor Statistics Locations: America, North America
If the forecast is close to accurate, it would mark a considerable downshift from January's explosive growth of 353,000, but still representative of a fairly vibrant labor market. "This is kind of a cautious labor market. ZipRecruiter's quarterly job-seeker survey showed expectations for the medium-term outlook hitting a series high, while applicants also indicated stronger levels of confidence in their financial wellbeing and current state of the labor market. A jobs market that remains red-hot could deter the Federal Reserve from cutting interest rates this year as expected. In its most recent survey of economic conditions, the Fed found that the ultra-tight labor market has loosened somewhat, but there are still active pockets.
Persons: Spencer Platt, Dow, Julia Pollak, they're, Pollak, Raphael Bostic, they've, Tom Gimbel, Jerome Powell, Gimbel Organizations: Chelsea Market, Getty, Labor Department, Dow Jones, Employers, Federal Reserve, Atlanta Fed, Challenger, Labor, Survey, LaSalle Network, Big Tech Locations: Manhattan, New York City, U.S, Covid
Where Electric Vehicles Are (and Aren’t) Taking Off Across the U.S.Last year, Americans bought more than one million fully electric cars, trucks and SUVs, a record and a milestone for the country’s transition away from gas-powered vehicles. To fight climate change, the Biden administration and many state governments want to accelerate the transition to electric vehicles. experience from pretty easy and kind of hard,” said Ken Kurani, a researcher focused on electric vehicles at the University of California, Davis. Only two electric vehicles in the analysis, both made by Tesla, cost the same or less than similar gas models. But for now, “there are some very real ways in which, in comparison to conventional vehicles, electric vehicles either really are still struggling to be as good or better, or are struggling against the imagination that they’re not as good or better,” he said.
Persons: Tom Libby, Mr, Libby, , , Biden, Ken Kurani, Kurani, Brittany Greeson, Philip Cheung, We’re, Tesla, “ We’re, Jessica Caldwell, Kelley, Davis Organizations: P Global Mobility, P, Pew Research Center, University of California, The New York Times, BMW, Ford, Hyundai, General Motors Locations: Florida, Texas, West Coast, California, San Francisco Bay, Los Angeles, Detroit, Bismarck, N.D, United States, Davis, Chicago, Norway, Edmunds, U.C
Gold hovers near 3-month peak as eyes on Powell's testimony
  + stars: | 2024-03-05 | by ( ) www.cnbc.com   time to read: +2 min
Gold bars arranged at the Korea Gold Exchange store in Seoul, South Korea, on Oct. 13, 2023. Gold prices steadied near a three-month peak on Tuesday, supported by subdued U.S. manufacturing and construction spending, as investors awaited testimony from Federal Reserve Chair Jerome Powell and key jobs data later this week. Spot gold was flat at $2,114.59 per ounce, as of 0423 GMT, hovering around Monday's levels of $2119.69 that marked its highest point since Dec. 4. London's gold price benchmark hit an all-time high of $2,098.05 per troy ounce at an afternoon auction on Monday. The world's largest gold-backed exchange-traded fund, SPDR Gold Trust's GLD holdings were down 10% from the previous year as of March 4.
Persons: Jerome Powell, Joni Teves, Fed's Raphael Bostic, Teves Organizations: Korea Gold Exchange, Federal, UBS, Data, ANZ Locations: Seoul, South Korea, U.S
An employee handles one kilogram gold bullion at the YLG Bullion International Co. headquarters in Bangkok, Thailand, on Friday, Dec. 22, 2023. Gold prices lingered close to a two-month high on Monday, after softer U.S. economic readings last week cemented prospects of an interest rate cut in June by the Federal Reserve. U.S. gold futures fell 0.3% to $2,090.00. Traders have raised their hopes for a June rate cut, and are now seeing a 74% chance, compared with about 65% chance last Monday, according to LSEG's interest rate probability app. Lower interest rates boost the appeal of non-yielding bullion.
Persons: Edward Meir, Meir Organizations: Co, Federal Reserve, U.S, Traders Locations: Bangkok, Thailand, U.S, South Africa
CNBC Daily Open: U.S. manufacturing drag continues
  + stars: | 2024-03-04 | by ( Sumathi Bala | ) www.cnbc.com   time to read: +2 min
Workers assemble printed circuit boards at the Intervala manufacturing facility in Mount Pleasant, Pennsylvania, US, on Tuesday, Jan. 30, 2024. This report is from today's CNBC Daily Open, our international markets newsletter. CNBC Daily Open brings investors up to speed on everything they need to know, no matter where they are. [PRO] The 'Fantastic Four'Hedge fund manager Dan Niles prefers the so-called "Fantastic Four" stocks, thanks to their earnings potential in 2024. "Those names are being driven by earnings," Niles told CNBC last week.
Persons: Dan Niles, Niles Organizations: US, Bureau, CNBC, Nasdaq, OPEC, U.S . Department of, Treasury, Nvidia, Meta, Microsoft Locations: Mount Pleasant , Pennsylvania, China, Beijing, Saudi Arabia, Russia
CNBC Daily Open: U.S. manufacturing struggles to recover
  + stars: | 2024-03-04 | by ( Sumathi Bala | ) www.cnbc.com   time to read: +2 min
Workers assemble printed circuit boards at the Intervala manufacturing facility in Mount Pleasant, Pennsylvania, US, on Tuesday, Jan. 30, 2024. This report is from today's CNBC Daily Open, our international markets newsletter. CNBC Daily Open brings investors up to speed on everything they need to know, no matter where they are. The CSI 300 was lower as investors focused on China's annual meetings and Hong Kong's Hang Seng index also fell. "Those names are being driven by earnings," Niles told CNBC last week.
Persons: Hong, Dow, Energy's, Jorge Leon, Jeremy Hunt, Dan Niles, Niles Organizations: US, Bureau, CNBC, Nikkei, CSI, Nasdaq, Budget, Conservative, Labour, Nvidia, Meta, Microsoft Locations: Mount Pleasant , Pennsylvania, U.S, China, Beijing, Angola
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