Tag Archives: expectations

US job growth unexpectedly softens, falling far below expectations

US job growth unexpectedly softens, falling far below expectations

Despite bullish predictions and the recovery of the US economy, job growth slowed in April compared to a month earlier, figures released by the Labor Department show.

According to the agency’s report released on Friday, payrolls increased by 266,000 last month, while the unemployment rate edged up to 6.1%. This is well behind analysts’ projections, with economists polled by Reuters forecasting that 978,000 jobs would be added, while a Bloomberg survey projected a hiring surge of 1 million in April.
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Moreover, March figures for US job growth faced a downward revision. New figures show that US employers hired 770,000 people, instead of the originally estimated total of 916,000.

The Labor Department said that the notable job gains in the leisure and hospitality sector seen in April were partially offset by employment declines in temporary help services and in couriers, as well as decreases in manufacturing and retail employment. However, even with the recent gains, that exceeded those of other industries; employment in leisure and hospitality is down by 2.8 million, or nearly 17%, since February 2020.
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The bad news reflected in the closely-watched jobs report did not affect the US stock market. The Dow Jones Industrial Average was up 0.4%, the S&P 500 rose 0.7%, and the Nasdaq Composite added over 1% in early Friday trading.

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Author: RT
This post originally appeared on RT Business News

Oil rises on expectations that OPEC+ may reconsider output policy

Author: RT
This post originally appeared on RT Business News

Oil rises on expectations that OPEC+ may reconsider output policy

Crude prices edged higher on Tuesday as investors await the Organization of the Petroleum Exporting Countries and its allies (OPEC+) to decide on easing of production curbs amid the coronavirus pandemic.

Global benchmark Brent was up more than 1% to $ 66.31 a barrel as of 14:04 GMT. West Texas Intermediate (WTI) crude for June delivery rose almost 1.30% to $ 62.71 per barrel.

OPEC+ officials are meeting on Tuesday to decide whether to stick with a timetable that would see producers ease output cuts beginning next month.

READ MORE: OPEC+ agrees to ease oil production cuts as it bets on increased demand amid Covid pandemic recovery

The group is planning to cut production by 350,000 barrels per day (bpd) in May, another 350,000 bpd in June and further 400,000 bpd or so in July. Analysts mostly expect that easing of the production restrictions will proceed as planned.

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However, some experts say there is risk that the easing could be put on hold due to concerns over falling demand from countries such as India because of the surge in Covid-19 infections.

“It remains to be seen whether this increase may prove premature given that the situation is deteriorating just now in the leading oil importing countries such as India, Japan and Turkey,” commodity analyst at Commerzbank, Eugen Weinberg, was quoted as saying by Market Watch. Oil production in Libya, which recently dropped by as much as 300,000 barrels a day, is also likely to recover quickly, Weinberg added.

The OPEC+ technical committee had forecast an increase in global oil demand during its previous meeting in March.

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