US productivity slows further in first quarter
U.S. worker productivity growth slowed further in the first quarter, but a reversal was likely as businesses invest heavily in artificial intelligence. Nonfarm productivity, which measures hourly output per worker, increased at 0.8% annualized rate last quarter, the Labor Department’s Bureau of Labor Statistics said on Thursday. (Reuters)
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US private payrolls growth accelerates in April, ADP says
US private payrolls increased more than expected in April, the ADP’s national employment report showed on Wednesday. Private employment rose by 109,000 jobs last month after a downwardly revised 61,000 gain in March. (Reuters)
US job openings drop in March; hires increase sharply
U.S. job openings slipped in March, but a surge in hiring suggested the labor market was regaining its footing after struggling last year. Job openings, a measure of labor demand, were down 56,000 to 6.866 million by the last day of March, the Labor Department’s Bureau of Labor Statistics said in its Job Openings and Labor Turnover Survey, or JOLTS report. Economists polled by Reuters had forecast 6.835 million unfilled jobs. (Reuters)
US factory orders rise more than expected in March
New orders for U.S. factory goods rose more than expected in March, led by surging demand for electronics products amid the artificial intelligence investment boom. Factory orders were up 1.5% on the month, the biggest gain since November, from an upwardly revised 0.3% in February, the Commerce Department’s Census Bureau said on Monday. Economists polled by Reuters had predicted a 0.5% rise. Orders increased 3.7% on a year-over-year basis in March. (Reuters)
US growth likely picked up in first quarter, but consumer spending probably cooled
U.S. economic growth likely accelerated in the first quarter on a rebound in government spending after a crippling government shutdown, but the pickup is expected to be short-lived as the war with Iran drives up gasoline prices and squeezes household budgets. (Reuters)
US economy ‘quite resilient’, should keep growing above 2.0%, Fed’s Powell says
Federal Reserve Chair Jerome Powell said on Wednesday that the U.S. economy has been “quite resilient” in the face of the Iran war energy shock, and is likely to keep growing at more than 2.0% this year because of solid consumer spending and data center investment. (Reuters)
US consumer confidence unexpectedly improves in April
U.S. consumer confidence unexpectedly ticked up in April as a ceasefire in the war with Iran boosted stock prices while labor market perceptions improved, a survey showed on Tuesday. The Conference Board said its consumer confidence index climbed 0.6 points to 92.8 this month. Data for March was revised higher to show the index at 92.2 instead of 91.8. (Reuters)
US: Fed likely to hold rates steady as Powell prepares for possible swan song
Federal Reserve policymakers will gather in Washington this week in what may be Jerome Powell’s last meeting as head of the U.S. central bank, with energy prices still elevated and the Iran war at a standstill and likely to prolong uncertainty about the economic and monetary policy outlook. (Reuters)