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October 2023 Job Cuts Fall to Second-Lowest Point of the Year; YTD Cuts up 164%, Hiring Down 46% YOY
U.S.-based employers announced 36,836 cuts in October, a 22% decrease from the 47,457 cuts announced one month prior. It is 9% higher than the 33,843 cuts announced in the same month last year, according to a report released Thursday from global outplacement and business and executive coaching firm Challenger, Gray & Christmas, Inc. So far this year, employers have announced plans to cut 641,350 jobs, a 164% increase from the 243,338 cuts announced in the first ten months of 2022. This is the highest January-October total since 2020, when 2,162,928 cuts were announced. It is the second-highest total since 2009, when ... (full story)
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GBPUSD is trading slightly higher, testing the resistance set by the July 14 downward sloping trendline that has defined the downleg since the July 14 high at 1.3141. The pair ...
post: JAPAN'S PM KISHIDA: WE MUST MAINTAIN A STABLE AND CONSTRUCTIVE RELATIONSHIP WITH CHINA. post: JAPAN'S PM KISHIDA: THERE ARE NO PLANS NOW TO HOLD A SUMMIT WITH CHINA FOR NOW, ALTHOUGH THERE ARE A NUMBER OF INTERNATIONAL CONFERENCES IN THE CALENDAR.
The United States and China have a basic agreement to arrange a summit later this month between the presidents of the two countries, a White House official said Wednesday, while ...
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The speed of price rises (inflation) is slowing. Higher interest rates are helping to bring inflation down. Inflation has fallen from a peak of 11% in 2022 to 6.7% in September 2023. We’ve kept interest rates at 5.25% this month. But we are not complacent. Inflation is still too high. We will be watching closely to see if further increases in interest rates are needed. And we will keep interest rates high enough for long enough to get inflation back to the 2% target. We expect inflation to fall further this year and continue to fall towards our 2% target next year. That means prices will be rising more slowly than they have been. post: BoE's latest f'casts pic.twitter.com/y6lNay7Y34
The Bank of England’s Monetary Policy Committee (MPC) sets monetary policy to meet the 2% inflation target, and in a way that helps to sustain growth and employment. At its meeting ending on 1 November 2023, the MPC voted by a majority of 6–3 to maintain Bank Rate at 5.25%. Three members preferred to increase Bank Rate by 0.25 percentage points, to 5.5%. The Committee’s updated projections for activity and inflation are set out in the accompanying November Monetary Policy Report. These are conditioned on a market-implied path for Bank Rate that remains around 5¼% until 2024 Q3 and then declines gradually to 4¼% by the end of 2026, a lower profile than underpinned the August projections. Since the MPC’s previous meeting, long-term government bond yields have increased across advanced economies. GDP growth has been stronger than expected in the United States. Underlying inflationary pressures in advanced economies remain elevated. Following events in the Middle East, the oil futures curve has risen somewhat while gas futures prices are little changed. UK GDP is expected to have been flat in 2023 Q3, weaker than projected in the August Report. Some business surveys are pointing to a slight contraction of output in Q4 but others are less pessimistic. GDP is expected to grow by 0.1% in Q4, also weaker than projected previously. The MPC continues to consider a wide range of data to inform its view on developments in labour market activity, rather than focusing on a single indicator. The increasing uncertainties surrounding the Labour Force Survey underline the importance of this approach. Against a backdrop of subdued economic activity, employment growth is likely to have softene post: BOE'S BAILEY: WATCHING TO SEE IF MORE RATE INCREASES NEEDED BOE: `RESTRICTIVE' POLICY LIKELY NEEDED FOR EXTENDED PERIOD BOE'S BAILEY: WATCHING CLOSELY TO SEE IF FURTHER RATE HIKES ARE NEEDED BOE'S BAILEY: MUCH TOO EARLY TO BE THINKING ABOUT RATE CUTS post: BOE: RISKS TO INFLATION PROJECTIONS STILL SKEWED TO UPSIDE BOE: EMPLOYMENT GROWTH LIKELY SOFTER IN H2 2023 THAN PREVIOUSLY FORECAST BOE: PAY GROWTH HIGH BUT STRONG PRIVATE SECTOR REGULAR EARNINGS NOT APPARENT IN OTHER SERIES post: BoE Summary: - Unch. as expected - 6-3 vote - Rates to be kept sufficiently restrictive - Will hike again if needed - Half of impact from hikes has been felt - Too early to talk of cuts - Inflation seen falling below 2% in Q4'25 - GDP seen flat in 2024
Over the past 18 months, the Federal Reserve (Fed) has raised rates by 525 basis points (bps), its biggest tightening of monetary policy since 1981. Long-term bond yields have ...
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- Posted: Nov 2, 2023 7:43am
- Submitted by:Category: Low Impact Breaking NewsComments: 0 / Views: 2,921
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