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Search resuls for: "Manuel Abecasis"


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☆ Why you shouldn't worry about the job market and a recession just yet
  + stars: | 2024-08-14 | by ( Jacob Zinkula | ) www.businessinsider.com   time to read: +6 min
Read previewThe labor market is trending in the wrong direction, but it might not be time to sound the alarm just yet. The unemployment rate has risen for four consecutive months and at 4.3%, it's the highest it's been in nearly three years. However, there are some reasons it might be too soon to freak out about the labor market. AdvertisementSatyam Panday, chief US economist for S&P Global Ratings, said in a note published on August 6 that the slowing labor market appears to suggest a "normalization" of a previously red-hot labor market, rather than an "economy that's about to slip into a recession." The labor market might get worseTo be sure, there are plenty of reasons to remain concerned about the state of the labor market.
Persons: —, there's, it's, Goldman Sachs, David Mericle, Manuel Abecasis, they've, It's, Goldman Sachs that's, Satyam Panday, Michael Gapen, JP Morgan, Claudia Sahm Organizations: Service, Federal Reserve, Business, Bureau of Labor Statistics, Labor Department, Federal, Satyam, Bank of America, Federal Reserve Bank of San Francisco, New Century Advisors Locations: US
☆ Billionaire investor Leon Cooperman rings the recession alarm and says commercial real estate is next in the crosshairs of global banking turmoil
  + stars: | 2023-04-03 | by ( Morgan Chittum | ) www.businessinsider.com   time to read: +2 min
Leon Cooperman says the commercial real estate sector will be the next market hit by bank turmoil. In an interview with CNBC, the billionaire investor said institutions are pulling back on lending and commercial real estate commitments as a way to shore up liquidity. "I think it will spread into commercial real estate as banks become more reluctant to lend," Cooperman said Monday. The commercial real estate market is operating in a perfect storm of rising interest rates, declining occupancy rates for offices, and now, less access to credit. This could impact smaller and medium-sized banks with higher commercial real estate exposure.
☆ Goldman Sachs cuts GDP forecast because of stress on small banks, which are key to U.S. economy
  + stars: | 2023-03-15 | by ( Pia Singh | ) www.cnbc.com   time to read: +2 min
Photo illustration, the Silicon Valley Bank logo is visible on a smartphone, with the stock market index in the background on the personal computer on March 14, 2023, in Rome, Italy. Goldman Sachs on Wednesday lowered its 2023 economic growth forecast, citing a pullback in lending from small- and medium-sized banks amid turmoil in the broader financial system. "Small and medium-sized banks play an important role in the US economy," the analysts wrote. "Any lending impact is likely to be concentrated in a subset of small and medium-sized banks." The analysts assume that small banks with a low share of FDIC-covered deposits will reduce new lending by 40% and that other small banks will reduce new lending by 15%, leading to a 2.5% drag on total bank lending.
☆ After playing wage catch-up, U.S. firms may have found their footing
  + stars: | 2023-03-06 | by ( Howard Schneider | Thomson Reuters | Covers The U.S. Federal Reserve | ) www.reuters.com   time to read: +7 min
Like Willis, private economists and analysts at payroll firms and staffing companies also see a labor market that is stressed but adjusting. A recent Goldman Sachs study concluded wage growth should continue slowing even with the current low unemployment rate of 3.4%. But even that came with slowing wage growth, and the gain was amplified by seasonal adjustments used to factor out expected swings in hiring during holidays and summer. Nela Richardson, chief economist at payroll processor ADP, said even as economy-wide hiring remains strong, the tech layoffs may be helping mute overall wage growth. "If that is a trend...we would expect there would be less drive for wage growth," she said.
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