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Cooling labor also extended a Treasury rally, with yields on the benchmark 10-year note dropping over seven basis points. Advertisement"When the job market was red-hot in 2022, Fed officials were getting concerned that wage-price pressures could cause inflation to accelerate out of control," Comerica's chief economist Bill Adams said. "Most labor indicators are pointing to a considerably cooler job market now. In Bank of America's view, a reading of 125,000-175,000 would be the optimal range, pointing to continued strength without the need to keep interest rates higher for longer. The bank said a reading in that range would be a catalyst for further stock market gains.
Persons: , Tuesday's, That's, Bill Adams, Powell, May's Organizations: Fed, Service, Bureau of Labor Statistics, Federal Reserve, Treasury, Bank, Here's
CNBC Daily Open: Brief reprieve for investors
  + stars: | 2023-10-05 | by ( Yeo Boon Ping | ) www.cnbc.com   time to read: +2 min
Michael M. Santiago | Getty ImagesThis report is from today's CNBC Daily Open, our new, international markets newsletter. CNBC Daily Open brings investors up to speed on everything they need to know, no matter where they are. What you need to know todayThe bottom lineInvestors got a brief reprieve from bad news and rising costs yesterday, which helped to ease pressure from stocks. "I don't think you get a broader [rally] participation until rates ease up, and that's only if rates ease without some sort of financial crisis or hard landing recession," said Ross Mayfield, investment strategy analyst at Baird. Echoing Mayfield, Liz Young, SoFi's head of investment strategy, said, "Obviously, we're getting a little reprieve today, but I think it's just that."
Persons: Michael M, Tuesday's JOLTS, Brent, Ross Mayfield, Baird, Echoing Mayfield, Liz Young Organizations: GM, New York Stock Exchange, Santiago, CNBC, Federal, ADP, West Texas, Dow Jones, Nasdaq Locations: New York City, U.S
The US jobs market stayed strong in August
  + stars: | 2023-09-01 | by ( Madison Hoff | ) www.businessinsider.com   time to read: +6 min
Truck transportation also saw employment fall by 36,700.Leisure and hospitality saw a job gain of 40,000 from July to August. From wage growth to an increase in labor force participation, various data points suggest the US labor market is still strong. There were 8.8 million job openings in July after 9.2 million in June, according to new Job Openings and Labor Turnover Survey or JOLTS data released by BLS earlier this week. "We expect this labor market rebalancing to continue," Powell said. "Evidence that the tightness in the labor market is no longer easing could also call for a monetary policy response."
Persons: Jerome Powell, Lydia Boussour, EY, Boussour, Nick Bunker, Bunker, it's, Julia Pollak, Pollak, Jonathan Fisher, Fisher, Powell Organizations: payrolls, Service, SAG, Bureau of Labor Statistics, Labor, BLS, North America, Washington Center for Equitable Growth Locations: Wall, Silicon, Jackson Hole , Wyoming
Private education and health services saw a one-month job gain of 100,000, with healthcare and social assistance seeing a gain of 87,100. Leisure and hospitality, construction, and financial activities are some of the other industries that saw job growth. Julia Pollak, chief economist at ZipRecruiter, told Insider Friday's report from BLS showed a slowing labor market but one that's "still very solid." Different data points before Friday's jobs report suggest that the labor market is still a strong jobs market for workers and job seekers. Pollak described the labor market as sustainable, and Bunker described it as robust. So this is still a strong, resilient, robust labor market."
Persons: payrolls, Daniel Zhao, Julia Pollak, Pollak, it's, Nick Bunker, Tuesday's, Bunker, Labor Julie Su, we're Organizations: payrolls, Service, of Labor Statistics, BLS, Friday's BLS, North America, Bureau of Labor Statistics, Labor Locations: Wall, Silicon, Friday's
Even fewer CFOs this quarter rate the chances of a new high in the Dow (under 15%) as being more likely than a fall back below 30,000 (57%) of CFOs. There was elevated uncertainty within this C-suite group versus the prior quarterly survey, with nearly one-third saying they don't have conviction about the next trend in stocks. In the previous survey, CFOs were evenly split — roughly 40% in each camp — on whether the recession would begin during the first half or second half of this year. More CFOs believe inflation has peaked – that finding has moved higher across three consecutive quarterly surveys, from under 50% to roughly 75% now. More than half of CFOs predict that inflation will not return to 2% until 2025.
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