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"Our doctors and our nurses are just way burnt out after the pandemic," Benioff said. Agentforce is a platform meant to automate certain functions, and Benioff has previously described how it helps clients like ADP , OpenTable, Wyndham and Wiley . Benioff claimed that Agentforce's capabilities are more advanced than other automated customer services functions that can lead to frustration. "We can make those customers successful with their customers in these incredible new ways," he said. "And it's so much more than just — go away with the 'hit one for sales, hit two for service, hit three for marketing.'
Persons: Marc Benioff, CNBC's Jim Cramer, Benioff, Wiley, Agentforce Locations: San Francisco, Wyndham
New York CNN —Wall Street is eyeing what could be the most consequential economic data report in months due out Friday. At the same time, Wall Street is looking for signs that the job market is cooling steadily, rather than plummeting into conditions for a recession. That uncertainty has been palpable in recent days as Wall Street parsed several economic reports before Friday’s main event. Big Tech shares gained Thursday, but suffered steep losses earlier this week. Tesla, the only Magnificent Seven tech stock up for the week, has jumped 7.5%.
Persons: That’s, Jerome Powell, , , Christopher Larkin, Morgan, Stocks, Dow, BeiChen Lin, Tesla Organizations: New, New York CNN, Federal Reserve, Nasdaq, Institute for Supply Management, , Russell Investments, Big Tech, Apple, Meta, Microsoft, Organization of, Petroleum Locations: New York, China
Private sector payrolls grew at the weakest pace in more than 3½ years in August, providing yet another sign of a deteriorating labor market, according to ADP. August was the weakest month for job growth since January 2021, according to data from the payrolls processing firm. Still, the ADP data showed that while hiring has slowed considerably, only a few sectors reported actual job losses. Annual pay increased 4.8% for those who stayed in their jobs, about the same level as July, according to ADP. The ADP count now tees up the more closely watched nonfarm payrolls report, which the Bureau of Labor Statistics will release Friday.
Persons: payrolls, Nela Richardson Organizations: ADP . Companies, Dow, Labor Department, ADP, of Labor Statistics, BLS, Federal
Layoffs soared in August, hitting their highest total for the month in 15 years, while year-to-date hiring reached a historic low, outplacement firm Challenger, Gray & Christmas reported Thursday. Announced job cuts totaled 75,891 for the month, lurching 193% higher than July. "August's surge in job cuts reflects growing economic uncertainty and shifting market dynamics," said Andrew Challenger, the firm's senior vice president. To be sure, the Challenger layoffs data is somewhat out of sync with government reports, which show that initial claims for unemployment benefits have been slightly elevated in recent weeks but not reflective of a major escalation. Companies announcing job cuts most often cited cost-cutting and economic conditions as the reasons, though artificial intelligence also was listed for the first time since April.
Persons: Andrew Challenger Organizations: Challenger, Companies Locations: U.S
CNN —The US economy appears to be on a knife’s edge, and Friday’s jobs report will be the deciding factor as to the next direction. Economists are expecting that the August report should reaffirm that the labor market is merely cooling versus outright weakening. Inflation had cooled, and the labor market was rolling right along and doing its part to keep consumers spending and the economy churning. Friday’s jobs report should provide further reassurance that the labor market is merely softening and not collapsing, economists predict. “It would be a mistake to define the labor market as being excessively weak at this stage.”Instead, the signals indicate that the labor market has moved from being extremely strong and into better balance, she said.
Persons: ” Tuan Nguyen, , ” Karin Kimbrough, , ” Oliver Allen, ” Allen, , Andrew Challenger, Nick Bunker, Pantheon’s Allen, Beryl “, Mike Skordeles Organizations: CNN, RSM, Federal, LinkedIn, Labor, Department of Labor, “ Companies, Pantheon Macroeconomics, BLS, Employers, ADP, Challenger, Technology, , North America, Bank of America Locations: US, Michigan, Texas
The Wall Street consensus is for nonfarm payrolls growth of 161,000 for August and a slight decline in the unemployment rate to 4.2%, according to Dow Jones. In turn, markets are certain the Fed will start lowering interest rates in a couple weeks, with the possibility of a jumbo cut depending on what Friday's report shows. "What the Fed is going to do in response, how are they going to adjust rates, that's why we are having this conversation." While job growth has been tailing off through much of 2024, the deceleration hit home for the market with a July report that showed payroll growth of just 114,000. The latest bad news came Thursday when payrolls processing firm ADP put August private job growth at just 99,000, the smallest gain since January 2021.
Persons: Dow Jones, Giacomo Santangelo Organizations: Labor Department, Federal Reserve, Fed
China's imports last month surged 7.2% year-over-year, more than doubling analysts' expectations. The country is growing its tech inventory to prepare for potential trade restrictions, analysts say. Sign up to get the inside scoop on today’s biggest stories in markets, tech, and business — delivered daily. Go to newsletter preferences Thanks for signing up! China's ramp up in tech imports is likely in preparation for possible trade regulations, analysts from Bank of America said on Thursday.
Persons: Organizations: Service, Bank of America, Business
There are cracks forming in the US jobs market
  + stars: | 2024-08-02 | by ( Alicia Wallace | ) edition.cnn.com   time to read: +9 min
CNN —The pandemic threw the US job market into chaos, but four years later, things finally seem to be back to normal. Most indicators support the idea that the labor market is no longer overheated and could easily maintain a new normal of steady, but slower growth. The unemployment rate is expected to hold steady at 4.1%, according to FactSet consensus estimates. “This is a labor market that’s otherwise moderated,” Nick Bunker, director of North American economic research at Indeed, told CNN. The same goes for the prime-age labor force participation rate, which at 83.7% also is the highest in 23 years.
Persons: hasn’t, Jerome Powell, Nick Bunker, Powell, Nancy Vanden Houten, , , , , Madhavi Bokil, Indeed’s Bunker, Bunker, ” Elise Gould, ” Bunker, “ It’s, Julia Pollak, ” Pollak, can’t Organizations: CNN, Federal, of Labor, Challenger, Economic Policy Institute, Locations: Oxford
CNN —The pandemic threw the US job market into chaos, but four years later, things finally seem to be back to normal. Most indicators support the idea that the labor market is no longer overheated and could easily maintain a new normal of steady, but slower growth. “This is a labor market that’s otherwise moderated,” Nick Bunker, director of North American economic research at Indeed, told CNN. Labor force participation/employment to population ratio: These metrics are key reasons why Bunker and others believe the labor market remains in good shape. The same goes for the prime-age labor force participation rate, which at 83.7% also is the highest in 23 years.
Persons: hasn’t, Jerome Powell, Nick Bunker, Powell, Nancy Vanden Houten, , , , , Madhavi Bokil, Indeed’s Bunker, Bunker, ” Elise Gould, ” Bunker, “ It’s, Julia Pollak, ” Pollak, can’t Organizations: CNN, Federal, of Labor, Challenger, Labor, Economic Policy Institute, Locations: Oxford
Private job growth slowed further in July while the pace of wage gains hit a three-year low, payrolls processing firm ADP reported Wednesday. Companies added just 122,000 jobs on the month, the slowest pace since January and below the upwardly revised 155,000 in June. Several sectors reported net losses on the month. The ADP report comes two days before the Labor Department's Bureau of Labor Services releases its nonfarm payrolls count, which, unlike the ADP tally, includes government jobs. The two reports can differ substantially, with ADP overshooting the BLS estimate of 136,000 for private payrolls in June.
Persons: Dow Jones, Nela Richardson Organizations: FedEx, Broadway, Companies, ADP, Federal, Labor Department's Bureau of Labor Services Locations: New York City, Midwest
Gold prices set for monthly gain; traders eye Fed verdict
  + stars: | 2024-07-31 | by ( ) www.cnbc.com   time to read: +2 min
An employee arranges one kilogram gold bars for a photograph at the YLG Bullion International headquarters in Bangkok, Thailand, on Jan. 13, 2016. Gold prices held steady on Wednesday and headed for a monthly gain, supported by rising optimism surrounding U.S. interest rate cuts, while focus shifted to Federal Reserve's policy verdict due later in the day. Spot gold held its ground at $2,407.85 per ounce, as of 0200 GMT, and has gained more than 3% for the month. Gold will rally if the Fed language indicates that multiple cuts are coming," said Kyle Rodda, a financial market analyst at Capital.com. Traders will also keep an eye on the ADP employment report due later in the day and Friday's U.S. payrolls report.
Persons: Fed's, Kyle Rodda, Israel, Hezbollah's, Rodda Organizations: Traders, Reuters Locations: Bangkok, Thailand, Federal, U.S, United States, Iraq, Beirut, Israel
ET, the yield on the 10-year Treasury was down by less than one basis point to 4.1316%. The 2-year Treasury yield was last at 4.3584% after dipping by less than one basis point. With the Fed meeting set to end on Wednesday, investors looked to the central bank's monetary policy announcement and the post-meeting press conference by Fed Chair Jerome Powell. Questions also remain over how many rate cuts could be implemented by the Fed this year. After this month's meeting, three more are in the calendar for the central bank in 2024.
Persons: Jerome Powell Organizations: Treasury, Fed, Labor, Survey
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Persons: , Gorish Aggarwal, Aggarwal, Nishit Asnani, Soumyarka Mondal, Mehak, salespeople, Sybill, They're, Slack, Gong Organizations: Service, Stanford, Business, Greycroft Capital, Neotribe Ventures, Powerhouse Ventures, Enterprise, Balto Software Locations: Salesforce, Avoma, Sybill
ET, the yield on the 10-year Treasury was down by over three basis points to 4.1666%. The 2-year Treasury yield was last at 4.3729% after falling by more than one basis point. U.S. Treasury yields fell on Monday as investors awaited the release of key economic data and looked to the Federal Reserve's meeting scheduled for the week. Investors awaited the Federal Reserve's July meeting and key data from the labor market slated for the week. Investors will be looking at the data for hints about the state of the labor market, as this could also inform monetary policy expectations and decision-making.
Persons: Jerome Powell Organizations: Treasury, Investors, PCE
As for Club earnings, we got positive results from life sciences company Danaher and industrial firm Dover. Ford was a major disappointment and its nearly 20% stock drop for the week was the worst performer in the portfolio. In the week ahead, it's going to be another big week of earnings with the four mega-cap names and 10 other Club names set to report. Linde : We're looking for more of the same — steady earnings growth; 6% is the Street estimate. End market commentary will also help us better formulate our view of the economy — and in turn the stock market.
Persons: Russell, Jerome Powell's, Ford, Stanley Black, Decker, We're, we'll, Elliott, we've, We'll, Kraft Heinz, Vita Coco, COCO, Lam, SIRI, WEN, Jim Cramer's, Jim Cramer, Jim, Michael M Organizations: Nasdaq, Dow, Communication, Honeywell, YouTube, Procter & Gamble, Devices, Microsoft, Starbucks, GE Healthcare, DuPont, Meta, Apple, Coterra Energy, Linde, Silo AI, Elliott Management, GE HealthCare, Amazon, Apple Intelligence, U.S, Labor, Fed, Networks, Procter, Gamble, PayPal, Pfizer, BP, JetBlue Airways, Merck, Solar Inc, Caesars Entertainment, Electronic Arts, EA, Nation Entertainment, Boeing, Cruise, Mastercard, Teva Pharmaceutical, Hess Corp, Arm Holdings, Qualcomm, Lam Research, Western, eBay, EBAY, MGM Resorts, MGM, ConocoPhillips, Mobileye, Canada Goose Holdings, Hershey, Toyota, Dominion Energy, Air Products & Chemicals, Southern Company, International, Coterra Energy Intel, Coinbase, Booking Holdings, LIN, Exxon Mobil, Chevron, LyondellBasell Industries, Jim Cramer's Charitable, CNBC, Traders, New York Stock Exchange, Santiago, Getty Locations: Dover, Eaton, Amazon, China, destocking, Corning, New York City
On Friday, the tech-heavy S & P 500 and Nasdaq Composite ended the week with losses, down 0.8% and 2.1%, respectively. However, the bulk of Magnificent Seven results is set for release in the week ahead. As it is, all seven of the Magnificent Seven companies closed out the week with losses. FOMC meeting, July jobs report Elsewhere, investors will also be reviewing the latest Federal Reserve interest rate decision set for release on Wednesday. Traders will also get insight into the labor market next week, with the release of the July jobs report on Friday.
Persons: Russell, Ryan Grabinski, John Belton, Tesla, Belton, FactSet, Stanley Black, Decker, Lam, Kraft Heinz, Ingersoll Rand Organizations: Nasdaq, Dow Jones Industrial, Microsoft, Facebook, Apple, Nvidia, 2H, 3Q, Gabelli, Traders, Dallas Fed, Semiconductor, Nation Entertainment, Electronic Arts, Starbucks, Match Group, Caesars Entertainment, Corning, Howmet Aerospace, Procter, Gamble, Pfizer, Merck, Co, PayPal, ADP, Civilian Workers, Chicago PMI, MGM Resorts International, Allstate, Lam Research, eBay, Qualcomm, Western, Cruise Line Holdings, Hess, Boeing, Mobile, Marriott International, GE Healthcare Technologies, Generac Holdings, Mastercard, Labor, PMI, Manufacturing, Intel, Holdings, Motorola Solutions, Technology, Air Products, Chemicals, Jobs, Exxon Mobil, Chevron Locations: Chicago, Albemarle, Kellanova, Hershey, Moderna
What to expect from the June jobs report
  + stars: | 2024-07-05 | by ( Alicia Wallace | ) edition.cnn.com   time to read: +9 min
That said, the job market of today is far different than it was 30 months ago. “The labor market has normalized,” Luke Tilley, Wilmington Trust’s chief economist, told CNN in an interview. As such, Friday’s report could provide a crucial signal as to whether the jobs market is at a stable or even pre-pandemic state — or is perhaps weaker than advertised. The continued upswing in claims has Tilley closely watching an underlying datapoint of the monthly jobs report: Unemployed persons by reason for unemployment. The overall labor force participation rate dipped in May to 62.5% from 62.7%, reversing progress made earlier this year.
Persons: don’t, ” Luke Tilley, , Nela Richardson, ” Dean Baker, aren’t, Tilley, ” Tilley, That’s, Julia Pollak, ” Pollak, Rachel Sederberg, Joe Biden, Donald Trump, Biden, Jerome Powell, Powell, , can’t, Lightcast’s Organizations: CNN, Bureau of Labor Statistics, Center for Economic, Policy Research, of Labor, Challenger, ZipRecruiter, , CNN Business, Workers, Federal Reserve, Labor Locations: Wilmington, , Portugal
Gold eyes second straight weekly rise; spotlight on U.S. payrolls
  + stars: | 2024-07-05 | by ( ) www.cnbc.com   time to read: +2 min
Gold prices edged up on Friday and were set for a second straight weekly gain, while traders awaited U.S. employment data to gauge the trajectory of the Federal Reserve's potential interest rate cuts. Gold prices edged up on Friday and were set for a second straight weekly gain, while traders awaited U.S. employment data to gauge the trajectory of the Federal Reserve's potential interest rate cuts. Spot gold rose 0.2% at $2,359.73 per ounce, as of 0204 GMT and was up more than 1% for the week. "Gold has been in consolidation mode above $2,300, which bodes well for potential further price gains once we eventually move towards a lower interest rate environment." Palladium gained 0.4% to $1,021.75 and headed for a third consecutive weekly gain.
Persons: Tim Waterer, KCM, nonfarm, Waterer Organizations: Federal, U.S, Traders, FedWatch
Treasury yields little changed ahead of key jobs report
  + stars: | 2024-07-05 | by ( Sophie Kiderlin | In | ) www.cnbc.com   time to read: +1 min
The 2-year Treasury yield was last at 4.6934% after rising by less than one basis point. U.S. Treasury yields held steady on Friday as markets reopened after the July 4 holiday and investors awaited the latest nonfarm payroll data. Key economic data is expected in form of the June jobs report on Friday. The report is expected to show that nonfarm payrolls added 200,000 jobs in June, according to economists polled by Dow Jones. Many investors are hoping that Friday's jobs data will indicate that the labor market and economy are cooling, as this could support the case for Federal Reserve interest rate cuts.
Persons: payrolls, Dow Jones, Jerome Powell, Powell Organizations: Treasury, ADP, Federal Reserve
CNBC Daily Open: Tesla powers S&P 500, Nasdaq to record highs
  + stars: | 2024-07-04 | by ( Abid Ali | ) www.cnbc.com   time to read: +3 min
CNBC Daily Open brings investors up to speed on everything they need to know, no matter where they are. Record highsThe S&P 500 and the tech-heavy Nasdaq Composite closed at record highs in a shortened session ahead of the July 4 Independence Day holiday. The yield on the 10-year Treasury fell as the latest economic data indicated the jobs market was cooling. Despite some officials advocating for potential rate hikes, the Federal Open Market Committee ultimately decided to hold rates steady. [PRO] Tesla bull caseWedbush analyst Dan Ives raised his Tesla price target to $300 from $275, with a bull case of $400 by 2025.
Persons: Nela Richardson, Elliott Management's, Elliott, Bob Jordan, Gary Kelly, JPMorgan's Kolanovic, Marko Kolanovic, Kolanovic, Dubravko, Dan Ives Organizations: CNBC, Nasdaq, Nvidia, Dow Jones, Treasury, Federal Reserve, Federal, Market Committee, ADP, Southwest Airlines Locations: U.S
Mortgage rates increased overall this week, with 30-year mortgage rates ticking up closer to 7%, according to Freddie Mac. This means mortgage rates should go down in the coming months and years. See more mortgage rates on Zillow Real Estate on ZillowToday's refinance ratesMortgage type Average rate today This information has been provided by Zillow. Sky high mortgage rates have pushed many hopeful buyers out of the market, slowing homebuying demand and putting downward pressure on home prices. This means your entire monthly mortgage payment, including taxes and insurance, shouldn't exceed 28% of your pre-tax monthly income.
Persons: Freddie Mac, Sam Khater, Freddie Mac's, you'll, Fannie Mae Organizations: Federal Reserve, Zillow, Mortgage, Association, Sky Locations: Chevron
Yen drops to 38-year low, U.S. dollar slumps after weak data
  + stars: | 2024-07-04 | by ( ) www.cnbc.com   time to read: +5 min
A report indicating that the U.S. services sector contracted last month and factory orders fell also weighed on the dollar. The dollar was last up 0.1% at 161.64, after earlier falling to a session low below 161 following weak U.S. data. The yen also hit an all-time low of 174.48 against the euro . The euro rose to a three-week high against the dollar, and was last up 0.3% at $1.0781. Further pressuring the dollar was a weak U.S. services report from the Institute for Supply Management.
Persons: Sterling, Helen, , Shunichi Suzuki, Jonas Goltermann, nonfarm Organizations: U.S ., Federal Reserve, European Central Bank, Bank of Japan, Monex USA, U.S, Finance, ADP, Reuters, Capital Economics, Institute for Supply Management, PMI, Fed Locations: United States, Washington ., U.S
Traders work on the floor of the New York Stock ExchangeS&P 500 futures are near flat Thursday night as investors readied for Friday's closely watched jobs report. Futures connected to the broad index sat near their flatline, while Nasdaq 100 futures slipped 0.1%. Futures tied to the Dow Jones Industrial Average added 19 points, or 0.1%. Economists polled by Dow Jones are forecasting nonfarm payroll adds of 200,000 jobs in June and the unemployment rate to hold steady at 4%. "Friday's payroll report should help clarify the underlying strength of the labor market," said Quincy Krosby, chief global strategist at LPL Financial.
Persons: Dow Jones, Quincy Krosby Organizations: New York Stock Exchange, Nasdaq, Dow Jones, Federal, Institute for Supply Management, LPL, Dow
Gold inches up after weak data fuels U.S. rate cut bets
  + stars: | 2024-07-04 | by ( ) www.cnbc.com   time to read: +1 min
Gold prices drifted higher on Thursday after softer-than-expected U.S. economic data fueled hopes that the Federal Reserve could cut interest rates as soon as September. Spot gold was up 0.3% at $2,362.10 per ounce, as of 0200 GMT after hitting a near two-week high in the previous session. U.S. economic data on Wednesday, including a weak services and ADP employment reports, showed a slowing economy. "A softer-than-expected ISM services report was the gift that Fed doves have been waiting for ahead of a NFP. Markets are now pricing in a 74% chance of the Fed cutting interest rates at its September meeting, according to the CME FedWatch Tool.
Persons: Matt Simpson Organizations: Federal, Traders, NFP, U.S Locations: U.S
Oil prices slip after data points to cooling U.S. economy
  + stars: | 2024-07-04 | by ( ) www.cnbc.com   time to read: +1 min
Oil prices fell in early trade on Thursday after U.S. employment and business activity data came in weaker than expected, in signs the economy may be cooling in the world's top oil consuming nation. Separately, the ADP Employment report showed private payrolls increased by 150,000 jobs in June, below a consensus predicting an increase of 160,000, and after rising by 157,000 in May. However, weaker economic data may add to the Federal Reserve's arguments to start cutting rates, analysts said, a move that would be supportive for the oil markets as lower rates could boost demand. "The direction of recent data conforms to the Fed's easing bias," ANZ Research analysts said in a note. "A slowdown in growth momentum will support disinflationary impulses in coming months, paving the way for the Fed to cut rates."
Organizations: Brent, U.S, West Texas, ADP, ISM, ANZ Research, Fed Locations: United States
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