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Jobless rates rise in April for all racial groups except Black Americans
The unemployment rate for Black Americans fell in April, bucking the overall trend, according to data released Friday by the Department of Labor. Black Americans remain the racial group with the highest jobless percentage in the U.S., even after the group's unemployment rate dipped to 5.6% last mont
Immigrant workers are helping boost the U.S. labor market
The strong jobs market has been bolstered post-pandemic by strength in the immigrant workforce in America. And as Americans age out of the labor force and birth rates remain low, economists and the Federal Reserve are touting the importance of immigrant workers for overall future economic growth. Im
U.S. job growth totaled 175,000 in April, much less than expected, while unemployment rose to 3.9%
The U.S. economy added fewer jobs than expected in April while the unemployment rate rose, reversing a trend of robust job growth that had kept the Federal Reserve cautious as it looks for signals on when it can start cutting interest rates. Nonfarm payrolls increased by 175,000 on the month, below
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Mexican Peso appreciates as Fed-inspired good mood continues
The Mexican Peso edges higher in most pairs on an upbeat market mood. Investors are relieved the Fed did not suddenly change course and threatened to raise interest rates at its May meeting. Mexico S&P Global Manufacturing PMI data eases lower but remains in expansionary territory. The Mexican P
Turkey's inflation accelerates to nearly 70% in April
Turkey's inflation accelerated to 69.8% annually for the month of April, the Turkish Statistical Institute reported Friday. The highest consumer price increases year-on-year were in education, with a 103.86% jump, and hotels, cafes and restaurants, with an increase of 95.82%. On a monthly basis, Tur
Here's what to expect from the April jobs report on Friday
Hiring likely continued at a brisk pace in April as investors look for any cracks in the labor market that could sway the Federal Reserve. Nonfarm payrolls are expected to a show a gain of 240,000 for the month, according to the Dow Jones consensus that also sees the unemployment rate holding steady
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UK to suffer slowest growth of all rich nations next year, OECD says
The U.K.'s "sluggish" growth prospects have put it on course to be the worst-performing economy of all advanced nations next year, according to new forecasts from the Organisation for Economic Cooperation and Development. U.K. gross domestic product (GDP) is expected to grow by 0.4% in 2024, down fr
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Asia open: The FOMC whipsaw and more yen intervention in focus
Markets Market participants clung to every word uttered by Chair Powell as risk assets whipped around in a frenetic fashion during the afternoon US trading session. Ultimately, U.S. stocks finished mixed after Powell stated that the interest rate cuts Wall Street desires are still likely, albeit pot
BlackRock is opening a Saudi investment firm with initial $5 billion from PIF
Asset manager BlackRock will launch an investment platform in Riyadh with the help of a $5 billion anchor investment from Saudi Arabia's Public Investment Fund (PIF), the kingdom's sovereign wealth fund. The announcement Tuesday followed the signing of a memorandum of understanding between BlackRock
Private payrolls increased by 192,000 in April, more than expected for resilient labor market
Private payrolls increased at a faster than expected pace in April, indicating there are still plenty of tailwinds for the U.S. labor market, according to ADP. The payrolls processing firm reported Wednesday that companies added 192,000 workers for the month, better than the Dow Jones consensus outl
Here's everything to expect when the Fed wraps up its meeting Wednesday
Faced with stubborn inflation that has raised concerns about where policy is headed, the Federal Reserve has been ensnared in a holding pattern that likely will be reflected when it closes its meeting Wednesday. Markets are anticipating a near-zero chance that the Federal Open Market Committee, the
McDonald's and other big brands warn that low-income consumers are starting to crack
Some of America's best-known corporations are saying their consumers are being pinched by inflation as prices continue rising. Inflation has dominated corporate America's discourse over the past three years following the pandemic-induced easing of monetary policy and trillions of dollars in Covid re
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