United States:
Job Openings and Labor Turnover Survey (JOLTS): The latest JOLTS data, released on Tuesday, indicates that the US economy currently has 8.06 million job openings. This continues the downward trend and also falls short of expectations by 340k. It also had declined from the 296k of April's. On Friday, the NFP data revealed the addition of 272,000 new jobs in the economy, significantly surpassing analyst estimates of 151,000. This is an improvement from the revised April’s 165k (Revised from 175k). The unemployment rate increased to 4% in May, reaching a 27-month high since February 2022.
Purchasing Managers' Index (PMI):
Manufacturing PMI: The manufacturing PMI declined slightly, registering at 48.7, below the expected 50 points.
Services PMI: The services PMI outperformed expectations, coming in at 53.8 compared to the estimated 51.
The labor data reveals a mixed picture while the decline in JOLTS openings and the rise in NFP suggest a strengthening labor market, the increase in the unemployment rate to a 27-month high raises concerns about these divergent trends is interesting to watch in one of the strongest economies.
This week Outlook:
Looking ahead, key economic indicators to be released this week include:
Inflation and Core Inflation Data: Scheduled for Wednesday.
Federal Reserve Rate Decision and FOMC Economic Projections: The Fed is anticipated to maintain the interest rate at 5.5% and provide insights on future policy directions.
Producer Price Inflation (PPI): Expected on Friday, with analysts forecasting a 0.2% increase. On the same day, the Fed will hold a conference with media and analysts.
India:
Political Developments and Market Reaction: The ruling party in India secured its third consecutive term last week. However, market optimism spurred by exit polls on Monday was dampened by the actual election results. The substantial discrepancy between the exit polls and actual number of seats won by the ruling party led to a market crack of 5-6% on Tuesday. This downturn was short-lived, as the market recovered the entire fall over the next three trading sessions.
The Reserve Bank of India (RBI) has kept interest rates steady at 6.5%.
Outlook: There are no significant economic events scheduled in India for the upcoming week.
Date : 09th June '24; Source - Trading Economics
LR
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