🚀 US GDP Growth Slows But Indicates Potential Soft Landing
#USGDP #EconomicGrowth #SoftLanding #ConsumerSpending #GovernmentSpending #PCEIndex #JobReport #LaborMarket #InterestRateCut #FederalReserve
According to Blockworks, the gross domestic product (GDP) for the third quarter of 2024 showed a slight decline from expectations, but the growth rate still suggests a potential soft landing for the economy. The GDP rose at an annualized pace of 2.8%, just below the anticipated 3%. This growth was driven by strong consumer and government spending, with personal consumption increasing to 3.7%, marking the strongest quarter since early 2023. The quarterly personal consumption expenditures (PCE) index increased by 1.5% annually, compared to 2.5% in the second quarter. The monthly PCE index for September is expected to be released tomorrow.
The Atlanta Fed’s GDPNow model had adjusted its third-quarter estimate from 3.3% to 2.8% earlier this week. Kathy Jones, chief fixed income strategist at Charles Schwab, referred to the latest figures as “soft landing numbers.” James Bullard, former president of the St. Louis Fed, suggested earlier this month that a soft landing might already be in place. However, upcoming data, including tomorrow’s PCE numbers and Friday’s US employment report, will provide further insights. The recent Job Openings and Labor Turnover Survey (JOLTS) report indicated that US job openings in September fell to their lowest level since early 2021, with available positions declining to 7.44 million from 7.89 million in August, missing economists’ expectations of 8 million.
Tom Essaye, founder of Sevens Report Research, noted that while the JOLTS report alone might not derail the soft landing thesis, it does suggest a need for a slowdown in the decline of job openings to maintain a healthy labor market. The September jobs report will be crucial in this context. Market expectations remain high, with a 96% certainty that the Federal Reserve will implement another 25-basis point interest rate cut next month, according to CME Group data.#USGDP #EconomicGrowth #SoftLanding #ConsumerSpending #GovernmentSpending #PCEIndex #JobReport #LaborMarket #InterestRateCut #FederalReserve
🚀 U.S. January Employment Report Set For Release
#USEmployment #JobReport #UnemploymentRate #NonFarmPayroll #January2023
According to BlockBeats, the United States is scheduled to release its January non-farm employment report tonight at 21:30 UTC+8. The unemployment rate for January is anticipated to be 4.1%, with an expected increase of 170,000 in seasonally adjusted non-farm employment.#USEmployment #JobReport #UnemploymentRate #NonFarmPayroll #January2023
🚀 Trump to Announce New Labor Statistics Bureau Head Amid Employment Data Controversy
#Trump #LaborStatisticsBureau #EmploymentData #JobReport #Hiring #EconomicRevisions #McEntarfer #Wiatrowski #JobGrowth #USPolitics
According to BlockBeats, U.S. President Donald Trump is set to announce a new head for the Labor Statistics Bureau within the next three to four days. This decision follows his directive to dismiss the current bureau chief, Erika McEntarfer, after alleging without evidence that the disappointing employment data was "manipulated." The bureau confirmed McEntarfer's dismissal and stated that her deputy, William Wiatrowski, will serve as the acting director.
The announcement comes in the wake of the July employment report released earlier on Friday, which revealed a modest increase of only 73,000 jobs last month. Additionally, the Labor Statistics Bureau disclosed significant revisions to previous data, indicating that the total number of jobs was overestimated by 258,000. This adjustment marks the second-largest downward revision over two months on record, surpassed only by corrections made during the pandemic period.#Trump #LaborStatisticsBureau #EmploymentData #JobReport #Hiring #EconomicRevisions #McEntarfer #Wiatrowski #JobGrowth #USPolitics
🚀 U.S. Nonfarm Employment Data and Unemployment Rate Set for Release
#USJobs #NonfarmPayroll #UnemploymentRate #LaborStatistics #EmploymentData #USLaborMarket #JobReport #EconomicData #2026Economy #JobGrowth
According to BlockBeats, the U.S. Bureau of Labor Statistics is scheduled to release the first nonfarm employment data for 2026 tonight at 21:30 (UTC+8). The report is expected to show an increase of 60,000 jobs, compared to the previous figure of 64,000. This data reflects changes in employment within the U.S. non-agricultural sectors.
The nonfarm employment data is derived from a survey of businesses, government agencies, and non-agricultural sectors across the United States. Typically, the U.S. Department of Labor releases the nonfarm employment report on the first Friday of each month, detailing the employment changes from the previous month.
Simultaneously, the unemployment rate for December will also be announced, with expectations set at 4.50%, down from the previous rate of 4.60%.#USJobs #NonfarmPayroll #UnemploymentRate #LaborStatistics #EmploymentData #USLaborMarket #JobReport #EconomicData #2026Economy #JobGrowth