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[1/2] Banknotes of Japanese yen and U.S. dollar are seen in this illustration picture taken September 23, 2022. The dollar fell as low as 147.30 yen versus the Japanese currency, after hitting a one-year high of 150.165. Tuesday's low in the dollar was its weakest level in three weeks versus the Japanese currency. The euro dropped to a roughly two-month low against the yen of 154.39 yen and was last down 0.7% to 155.99. That earlier drove the dollar higher as real interest rates factor in inflation.
Persons: Florence Lo, Shunichi Suzuki, Colin Asher, Sterling, Marc Chandler, Jeremy Stretch, JGB, Herbert Lash, Gertrude Chavez, Dreyfuss, Lucy Raitano, Joice Alves, Marguerita Choy, Sharon Singleton Organizations: U.S, REUTERS, Japan, Japanese Finance, New York Federal Reserve, Mizuho, Bannockburn Global, U.S . Labor, Labor, Survey, CIBC Capital Markets, UST, Federal Reserve, Reserve Bank of Australia's, Swiss, Thomson Locations: Japan, London, Bannockburn, New York
US job openings jump in August; quits rate unchanged
  + stars: | 2023-10-03 | by ( Lucia Mutikani | ) www.reuters.com   time to read: +4 min
The jump reported by the Labor Department in its Job Openings and Labor Turnover Survey, or JOLTS report, on Tuesday snapped three straight monthly declines in job openings. There were 1.5 job openings for every unemployed person in August and the quits rate was unchanged. Data for July was revised higher to show 8.920 million job openings instead of the previously reported 8.827 million. Economists polled by Reuters had forecast 8.800 million job openings in August. The job openings rate increased to 5.8% from 5.4% in July.
Persons: Elizabeth Frantz, Jeffrey Roach, Lucia Mutikani, Andrea Ricci, Paul Simao Organizations: REUTERS, Federal Reserve, Labor Department, Labor, Survey, Fed, LPL Financial, Reuters, Treasury, Thomson Locations: Arlington , Virginia, U.S, WASHINGTON, Charlotte , North Carolina, State, Hollywood
Every weekday the CNBC Investing Club with Jim Cramer holds a Morning Meeting livestream at 10:20 a.m. That means "we know we have to buy something because of our discipline," Jim Cramer said Tuesday. "There are a lot of reasons to buy Amazon," Jim said Tuesday. THE ABOVE INVESTING CLUB INFORMATION IS SUBJECT TO OUR TERMS AND CONDITIONS AND PRIVACY POLICY , TOGETHER WITH OUR DISCLAIMER . NO FIDUCIARY OBLIGATION OR DUTY EXISTS, OR IS CREATED, BY VIRTUE OF YOUR RECEIPT OF ANY INFORMATION PROVIDED IN CONNECTION WITH THE INVESTING CLUB.
Persons: Jim Cramer, Emerson, it's, KeyBanc, Jim, Jim Cramer's Organizations: CNBC, Labor, Nasdaq, Emerson UBS, Emerson, Amazon JPMorgan, JPMorgan, Amazon Web, U.S . Federal Trade Locations: midmorning
WASHINGTON (AP) — U.S. job openings unexpectedly rose in August, another sign the U.S. labor market remains strong despite higher interest rates — perhaps too strong for the inflation fighters at the Federal Reserve. American employers posted 9.6 million job openings in August, up from 8.9 million in July and the first uptick in three months, the Labor Department said Tuesday. ""Yes, the job market is still retaining a lot of heat,'' he said, "but it hasn't gone back on the boil.'' The Federal Reserve wants to see the red-hot U.S. job market cool off, reducing pressure on businesses to raise pay, which can feed into higher prices. The Fed chose not to raise rates at its last meeting Sept. 19-20.
Persons: Economists, , Nick Bunker, hasn't, Jerome Powell, Dow Jones, Rubeela Farooqi, Loretta Mester, , ” Mester, Christopher Rugaber Organizations: WASHINGTON, , Federal Reserve, Labor Department, Federal, Fed, Federal Reserve Bank of Cleveland, AP
Brendan McDermid | ReutersThat cracking sound in financial markets isn't the typical kind of break, where one asset class or another fractures and gives way. "The cost of capital is going up, companies are going to have to refinance at a higher rate." That sentiment was buttressed this week, when at least four central bank officials either endorsed hikes or indicated that higher rates would be staying in place for an extended period. Consumers, for one, are feeling the squeeze of higher rates on everything from mortgages to credit cards to personal loans. "Now, at some point, my guess is that markets will eventually get to cheap enough levels where you'll bring buyers in.
Persons: Brendan McDermid, Quincy Krosby, Krosby, Larry McDonald, Treasurys, McDonald, It's, Joseph LaVorgna, LaVorgna, Donald Trump, I've Organizations: New York Stock Exchange, Federal Reserve, Treasury, LPL, Labor Department, Wall, P Bank ETF, Congressional, Treasury Department, The, White House, National Economic Council, Nikko Securities Locations: New York City, Washington, U.S
Some of the market's biggest stock market investors echoed this view. Ackman said on Monday morning he didn't expect another rate hike. "If you just listen to their words, you know, you have to be pretty fearful there's going to be another rate hike. "Those numbers need to be supportive," Rieder had said of inflation data and jobs data including the JOLTS report in an interview with CNBC on the sidelines of DA. Ackman, even betting against another rate hike, has a view of inflation that sees it being persistently higher and placing more pressure on yields.
Persons: Bill Ackman, Katie Koch, reprice, Koch, Cash, Brad Gerstner, Gerstner, We've, Ackman, That's, they're, Jerome Powell, Volcker, Rick Rieder, You've, Rieder Organizations: Federal Reserve, Dow Jones, CNBC, Alpha, TCW, DA, Fed, Labor, BlackRock
Employment vacancies at U.S. businesses unexpectedly surged in August, a sign that the labor market remains tight and robust despite the Federal Reserve's efforts to slow the economy. Job openings totaled 9.61 million for the month, a jump of nearly 700,000 from July and well above the Dow Jones estimate for 8.8 million, the Labor Department said Tuesday in its monthly Job Openings and Labor Turnover Survey. Much of the increase in openings came in professional and business services, which showed a burst of 509,000. Stocks fell following the report as a tighter labor market could put more pressure on the Fed to keep interest rates elevated. The Dow Jones Industrial Average most recently was off more than 260 points on the session.
Persons: Dow Jones, Stocks Organizations: Dow, Labor Department, Labor, Fed, Dow Jones
The job market is stable but not 'gangbusters'Several metrics — including job openings, quits, layoffs and the unemployment rate — suggest the labor market is healthy, economists said. I think a lot of folks are comparing the labor market today to a year or two ago when things were hot. The problems with the 2021, 2022 job marketsIn fact, job openings rose significantly, by 690,000, to 9.6 million in August, the Labor Department reported Tuesday. And the broader trend is clear: Job openings, along with quits and hires, have cooled from their pandemic-era peaks, economists said. "I think a lot of folks are comparing the labor market today to a year or two ago when things were hot," Zhao said.
Persons: Daniel Zhao, Zhao, Pollak Organizations: Bank, Getty, Federal Reserve, U.S . Department of Labor, Labor Department
Traders work on the floor of the New York Stock Exchange (NYSE) in New York City, U.S., September 28, 2023. Consumer discretionary (.SPLRCD) led declines in the major S&P 500 sectors, falling 2.2%, while beaten-down utilities (.SPLRCU) dropped 1.8%. Declining issues outnumbered advancers by a 4.74-to-1 ratio on the NYSE and by a 3.17-to-1 ratio on the Nasdaq. The S&P index recorded one new 52-week high and 48 new lows, while the Nasdaq recorded 11 new highs and 225 new lows. Reporting by Ankika Biswas and Shashwat Chauhan in Bengaluru Editing by Vinay DwivediOur Standards: The Thomson Reuters Trust Principles.
Persons: Brendan McDermid, Eli Lilly, we're, David Russell, Raphael Bostic, Keybanc, McCormick, Ankika Biswas, Shashwat Chauhan, Vinay Dwivedi Organizations: New York Stock Exchange, REUTERS, Dow, Nasdaq, Apple, Microsoft, Artificial Intelligence, Treasury, Boeing, Reuters, United Airlines, Labor Department, Investor, ADP, Atlanta Fed, Fed, Dow Jones, HP, BofA Global Research, Biopharma, NYSE, Thomson Locations: New York City, U.S, Bengaluru
Surge in Job Openings in August, Defying Expectations
  + stars: | 2023-10-03 | by ( Tim Smart | Oct. | At A.M. | ) www.usnews.com   time to read: +3 min
Job openings unexpectedly rose in August by 690,000 in a surprise that was led by a jump in demand for workers in business services, the Labor Department reported on Tuesday. Job openings rise to 9.6 mil from 8.8 mil last month. That means analysts will wait for other data on the job market out this week to see whether the job openings report is an anomaly. The job openings data lag the other labor market reports this week by a month. On Friday, the government will release its monthly jobs report for September with analysts looking for a continued moderation in the pace of growth in employment.
Persons: , ” Kathy Jones, Charles Schwab, , Geno Cutolo, Mark Hamrick, ” Hamrick, Brij Khurana, Khurana Organizations: Labor Department, Charles, Charles Schwab Center, Financial Research, Federal, Wellington Management Locations: North America
Traders work on the floor of the New York Stock Exchange (NYSE) in New York City, U.S., September 28, 2023. A Labor Department report showed U.S. job openings unexpectedly increased in August, pointing to tight labor market conditions. Traders' bets on at least another 25-basis-point rate hike stood in November and December at 30% and 48%, respectively, according to CME's FedWatch tool. The CBOE volatility index (.VIX), known as Wall Street's "fear gauge", touched a more than four-month high, reflecting heightened investor anxiety. Declining issues outnumbered advancers for a 5.99-to-1 ratio on the NYSE and a 3.50-to-1 ratio on the Nasdaq.
Persons: Brendan McDermid, Loretta Mester, Raphael Bostic, Jason Pride, KeyBanc, McCormick, advancers, Ankika Biswas, Shashwat Chauhan, Vinay Dwivedi, Maju Samuel Organizations: New York Stock Exchange, REUTERS, Microsoft, Dow, Nasdaq, Labor Department, Cleveland Fed, Atlanta, Traders, Apple, Reuters, Ofcom, Dow Jones, ADP, HP, BofA Global Research, Boeing, United Airlines, NYSE, Thomson Locations: New York City, U.S, Glenmede, Philadelphia, Bengaluru
Photo taken on April 20, 2022 shows the Japanese yen and U.S. dollar banknotes in Tokyo, Japan. The dollar kicked off the last quarter of the year on the front foot on Monday as the prospect of higher-for-longer U.S. rates provided solid support, pushing the yen to an 11-month low. Sterling was last 0.13% lower at $1.2188, having similarly slid nearly 4% against the dollar in the third quarter. "This puts the 1 November FOMC meeting back on the table as a potential venue for a further 25-basis-point rate hike." Elsewhere, the Australian dollar fell 0.07% to $0.64305, while the kiwi edged 0.1% lower to $0.59925.
Persons: Olivier d'Assier, Jarrod Kerr, Sterling, Kiwibank's Kerr, Chris Weston Organizations: U.S, Congress, Democratic, U.S . Labor Department, CPI Locations: Tokyo, Japan, Asia, Australia, China
That was close, but in the end Congress found a way to avert a government shutdown. “That said, we still look for the gradual deceleration in labor market conditions to continue in the coming months,” Bullard added. Collectively, the three reports will show whether the labor market is slowing – and by just how much. The week will also reveal whether the markets have settled down following the aversion of a government shutdown and concern over rising interest rates in the wake of the Fed’s pause. “The continuation of the disinflation process suggests that the Fed may not need to hike interest rates again this cycle.”
Persons: ” Sam Bullard, , ” Bullard, Jerome Powell – Organizations: Federal Reserve, Wells, Labor Department, Stock, BCA Research Locations: August’s, payrolls, Washington
The public will continue to support them – that is until the strikes begin to affect Americans’ daily lives. CNN reached out to the Justice Department for comment but has not received a response. The US Labor Department releases August figures on job openings, quits, hires and layoffs. The US Labor Department reports the number of worker filings for jobless benefits in the week ended September 30. The US Labor Department releases September data on the state of the job market, including payroll gains, wage growth and the unemployment rate.
Persons: , ” Andrew Flowers, , Eva Rothenberg, Suisse’s, Jerome Powell, Patrick Harker, Michael Barr, John Williams, Loretta Mester, Raphael Bostic, Michelle Bowman, Levi Strauss, Tom Barkin, Mary Daly Organizations: CNN Business, Bell, DC CNN —, Gallup, Guild of America, Teamsters, Reno, United Auto Workers, UAW, Toyota, Honda, CNN, Nationwide, UBS, DOJ, US Department of Justice, Credit Suisse, “ UBS, CS, Bloomberg, Justice Department, P Global, Institute for Supply Management, McCormick, US Labor Department, Atlanta Fed, Constellation Brands, Conagra, Co, US Commerce Department, Carnival Corp Locations: Washington, United States, Hollywood, Las Vegas, Germany, Russia
Consumer price inflation rose for the second straight month, to 3.7% in August versus 3.2% in July. While the overall picture is somewhat mixed, the inflation data in recent months likely doesn't change the policy outlook. Reuters GraphicsRETAIL SALES (Released Sept. 14, next release Oct. 17):Retail sales rose more than expected in August, increasing 0.6%. Investors viewed the overall data as leaning against any further Fed rate increases. Weekly data on bank lending shows bank credit has fallen on a year-over-year basis since the middle of July.
Persons: Jerome Powell, Powell, Ann Saphir, Andrea Ricci, Paul Simao Organizations: Federal Reserve, Fed, Reuters Graphics Reuters, University of Michigan, Reuters Graphics, Investors, Labor, Reuters Graphics Reuters Graphics Bank, Silicon Valley Bank, Thomson Locations: U.S, Silicon
Staff, meanwhile, have been forced to put their real jobs on hold to prepare for the looming shutdown. National parksThe National Park Service plans to close its parks and furlough park rangers if the government shuts down on Sunday. During the 2018-2019 shutdown, the parks themselves remained accessible, but without most services. Some presidential libraries would remain open as long as they have sufficient funds, but others would close and research services would be reduced. A shutdown would result in a "data blackout" of critical economic statistics that influence markets and businesses around the globe.
Persons: Donald Trump, that's, Biden, Joshua, Armando L, Sanchez, Pete Buttigieg, they're, White, Treasury Department furloughed, shutdowns Organizations: Yosemite, Fresno Bee, Tribune, Service, Getty, White House Council, Economic Advisers, Management, Staff, National Park Service, Park Service, Department of Interior, NBC, Congressional Research Service, National Zoo, U.S . Holocaust, Museum, National, Science, National Science Foundation, National Institutes of Health, Centers for Disease Control, Prevention, FBI Agents Association, FBI, Air, Transportation Security, LaGuardia, TSA, O'Hare International, State Department, Consular, Education Department, AmeriCorps, Agriculture Department, Assistance, Women, Small Business Administration, Federal Housing Administration, Social, Consumer, Food and Drug Administration, Consumer Product Safety, Environmental Protection Agency, Occupational Safety, Health Administration, Labor, , Social Security, Medicare, Treasury Department, Foreign Assets Control, Russia Locations: El Capitan, Yosemite Valley, Washington, Civil, U.S, Europe, Southeast Asia, New Mexico, shutdowns, New York, Chicago, Russia, Iran, Ukraine
Minneapolis CNN —Higher gas prices heated up overall inflation last month, but the Federal Reserve got some welcome news: Its preferred inflation gauge cooled to its lowest level in two years. The core Personal Consumption Expenditures index, a closely watched inflation measure that excludes gas and food prices, rose 3.9% for the 12 months ended in August. However, it also was largely expected: Gas prices heated up last month as well. The Commerce Department’s monthly Personal Income and Outlays reports are typically closely watched as they provide a comprehensive account of pricing, income and spending data. Other federal data at risk for delays could include key housing and auto sales data, Census Bureau data, PCE and GDP reports, among others.
Persons: ” Andrew Patterson, ” Patterson, ” Dana Peterson, “ That’s, , that’s, Price, Security Administration’s, “ We’ve, ” Vanguard’s Patterson, Organizations: Minneapolis CNN —, Federal Reserve, Commerce Department, Vanguard, CNN, Energy, “ Energy, Consumers, Commerce, Conference Board, Labor, Department, Bureau of Labor Statistics, Price, Security, Adjustment, Labor Department Locations: Minneapolis, Saudi Arabia, Russia
Court Orders Subway Franchise Owners to Pay Workers Nearly $1M - and to Sell or Close Their StoresA federal court ordered the owners of 14 Subway locations north of San Francisco to pay employees nearly $1 million in damages and back pay — and also to sell or shut their businesses, with any sale proceeds going to the Labor Department
Organizations: Pay Workers, Labor Locations: San Francisco
WASHINGTON (AP) — The Biden administration on Friday is expected to release a playbook on best practices for training workers as the low 3.8% unemployment rate and years of underinvestment have left manufacturers, construction firms and other employers with unfilled jobs. As part of the 2021 pandemic rescue package, state and local governments have committed $11 billion to worker training. The eight-page playbook being issued in conjunction with the remarks details possible models that the administration believes state and local governments can follow. Money also is going to supportive services for child care and transportation, which are two of the big reasons why people are unable to complete training or stay on the job. Iowa is making $26.6 million available to help employers make child care available, while Phoenix's airport is offering child care scholarships to workers.
Persons: , Biden, underinvestment, Joe Biden, Veronica Soto Organizations: WASHINGTON, Treasury Department, The Associated Press, Labor Department Locations: Harris County , Texas, Maine, Oklahoma, Connecticut, Iowa, Phoenix's
The personal consumption expenditures price index increased 0.4% in August, slightly below estimates, while the yearly rise was 3.5%. But it was the core index that strips out food and energy prices coming in at 3.9%, its lowest reading since September of 2021, that is likely of most interest to the Fed. While goods prices have slowed considerably, costs in the services sector have proven harder to bring down, driven largely by housing prices. Looked at just over the past three months, the rate of core inflation has slowed markedly and is not far from the Fed’s 2% annual target. “PCE and core pce figures indicate continued inflation easing,” Kathy Jones, chief fixed income strategist at the Schwab Center for Financial Research, commented on X.
Persons: , , Carol Schleif, ” Kathy Jones, Andrew Patterson, Downside, ” Patterson Organizations: Federal Reserve, Labor Department, Fed, PCE, BMO Family Office, Schwab Center, Financial Research
Jim Cramer's week ahead: Focus on September jobs report
  + stars: | 2023-09-29 | by ( Julie Coleman | ) www.cnbc.com   time to read: +2 min
CNBC's Jim Cramer said next Friday's nonfarm payrolls — the employment data over the past month — may decide if October will see a market rally. On Tuesday, spice and flavor manufacturer McCormick will report earnings, and beverage company Molson Coors will have an analyst meeting. Cramer said the tech company is coming off the report of a great quarter and forecast, and he thinks the stock could have more room to run. Cramer again emphasized Friday's labor report, saying in order to have a "strong October," the nonfarm payrolls need to show some slack in the workforce. Cramer noted the jobs report will not come out if the government shuts down.
Persons: CNBC's Jim Cramer, Cramer, Kellogg, WK Kellogg, McCormick, Okta, we'd, Jay Powell Organizations: Labor, Molson Coors, Dell, Federal Reserve, Fed
Tight labor market conditions continue to prevail, with the number of Americans filing new claims for unemployment benefits rising slightly last week, other data showed on Thursday. Some economists believe that the economy's resilience and tight labor market could give the Federal Reserve ammunition to raise interest rates again in November. Reuters GraphicsSTRONG LABOR MARKETThe economy is being underpinned by a resilient labor market, which is driving strong wage gains. The labor market has continued to hold its own so far. The unemployment rate increased to 3.8% in August from 3.5% in July.
Persons: Mike Blake, Christopher Rupkey, Lucia Mutikani, Paul Simao Organizations: Port, REUTERS, Federal Reserve, Gross, Reuters Graphics, U.S . House, United Auto Workers, General Motors, Ford, Labor Department, Reuters, Thomson Locations: Port of Los Angeles, San Pedro , California, U.S, WASHINGTON, New York
US stocks moved higher on Thursday, while bond yields fell. download the app Email address Sign up By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . AdvertisementAdvertisementUS stocks closed in the green on Thursday as bond yields retreated from multi-year highs. Investors pushed stocks higher as they try to rebound from steep losses in the month. At the same time, continuing claims moved higher to 1.67 million, just below estimates.
Persons: , we've, Michael Reinking Organizations: Dow Jones Industrial, Service, Treasury, NYSE, Labor Department, Dow Jones, Nasdaq
That could mean a delay in the much-anticipated announcement of the annual cost of living adjustment (COLA) to the monthly benefits paid out by the Social Security Administration. The new rate will start to be paid to Social Security retirement benefits recipients in January 2024, while payments to SSI beneficiaries typically change at the end of each December. "A delay of the CPI release may have an impact on the COLA announcement by the Social Security Administration," according to a Labor Department memo detailing how a shutdown would affect agency operations. Last year, with annual inflation raging near the highest in four decades, the COLA announced for 2023 payments was 8.7%, the largest increase since 1981 and the fourth biggest ever. Still, whatever COLA is announced for 2024 is unlikely to offer the same buffer over inflation as recipients enjoyed in 2023.
Persons: Price, Dan Burns, Lucia Mutikani, Lisa Shumaker Organizations: U.S . Labor Department, Bureau of Labor Statistics, Social Security Administration, Social Security, CPI, Urban, Clerical Workers, BLS, Labor Department, SSA, COLA, U.S . Federal, Social, Thomson
The Biden administration rule — which took effect Jan. 30 — was one facet of a White House effort to address climate change. Biden's ESG rule replaced a regulation issued by the Trump administration. That's because ERISA, a federal retirement law, disallows employers from picking investments for ideological reasons. The Biden administration was concerned that the spin around the Trump rule might have chilled plans' willingness to consider ESG factors. "The Biden administration was concerned that the spin around the Trump rule might have chilled plans' willingness to consider ESG factors in evaluating plan investments," Iwry said.
Persons: Joe Biden, Marty Walsh, Anna Moneymaker, , Biden, Biden's, Trump, PSCA, Andrew Oringer, Oringer, DOL, gunning, Mark Iwry, Obama, Matthew Kacsmaryk, Mark Iwry nonresident, Iwry, Mischa Keijser Organizations: Labor, White, Getty, of America, U.S . Department of Labor, Northern District of Texas, Wagner Law, Department of Labor, Biden, Trump, Brookings Institution, U.S . Department of, Treasury, Brookings, Labor Department Locations: Rose, Northern District, Texas
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