In October 2024, U.S. private sector employment increased by 233,000 jobs, marking the highest monthly job creation since July 2023, according to the ADP® National Employment Report™.
In October 2024, U.S. private sector employment increased by 233,000 jobs, marking the highest monthly job creation since July 2023, according to the ADP® National Employment Report™. This boost in hiring reflects continued recovery efforts from recent hurricane impacts, aiding job growth across most sectors. Annual pay saw a 4.6% year-over-year increase, highlighting sustained wage growth.
While most sectors experienced employment gains, the manufacturing sector recorded a decline in jobs, standing out as the only sector to face contraction. This overall positive trend in employment signals resilience in the private sector, as businesses navigate ongoing economic challenges.
Source: ADP National Employment Report™
Global markets traded cautiously as shifting Federal Reserve expectations and easing geopolitical risks continued to shape sentiment. President Trump warned he'll bomb Oman if it stands in Washington's way, as reports suggest Iran and Oman are moving toward a deal on Strait of Hormuz control.
Global markets started the week with the dollar under pressure as softer U.S. retail sales, inflation, and consumer sentiment reduced expectations for a September Federal Reserve rate hike.
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Cooling US Data Weakens Dollar Amid Energy Risks (17 – 21 August)Global markets entered the week with the US dollar under renewed pressure as softer inflation, retail sales, and employment data reduced expectations for another near-term Federal Reserve rate hike. The Dollar Index traded around 99.61, while markets assigned roughly a 65% probability that the Fed will keep rates unchanged at 3.50%–3.75% in September. Gold and silver extended their gains as the shift in Fed expectations supported precious metals, while the euro and pound benefited from the dollar’s declining yield advantage.
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