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The US labor market is in “good shape”
A “Hiring” sign at a restaurant in San Francisco, California, United States, Monday, June 26, 2023.
David Paul Morris | Bloomberg | Getty Images
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IMF urges China to undertake reforms
International Monetary Fund Managing Director Kristalina Georgieva said China was at a crossroads and called on Beijing to implement market-friendly reforms. This could spur growth that “would amount to a 20% expansion of the real economy over the next 15 years in current terms, which would be equivalent to adding $3.5 trillion to China's economy,” he said. -she adds.
China blocks Intel and AMD chips
New Chinese guidelines block Intel and AMD chips in government computers, says The Financial Times reported on Sunday. Microsoft's Windows operating system and foreign-made database software are also at risk of being sidelined, the report added. This comes as China seeks to develop its domestic semiconductor sector to reduce its dependence on foreign technology.
Automakers fear electric vehicles made in China
A small electric vehicle made in China has global automakers on alert because of its low cost. The China-built BYDSeagull, a small, all-electric sedan, costs just 69,800 yuan (or less than $10,000). That has sparked fears that BYD and other Chinese rivals could disrupt the global auto industry, driving down domestic vehicle prices.
[PRO] Where to invest 1 million dollars?
What should investors buy if they currently had a spare million dollars? Aaron Benson, portfolio manager at investment bank Baird, said he uses the 60/40 strategy as a good starting point for many of his clients. “We really believe in style diversification and feel it is prudent to stay diversified with value and growth stocks,” Benson said.
The essential
U.S. job growth continues to show remarkable resilience despite signs of layoffs are increasing.
The pace of hiring has remained steady and robust, with President Joe Biden eager to tout the trend since his re-election bid hinges on strong employment.
“Today, America once again has the strongest economy in the world. A record 15 million jobs have been created under my leadership,” he said in the statement.Economic Report of the Presidentreleased last week by the White House Council of Economic Advisers.
“The unemployment rate has remained below 4 percent for the longest period in more than 50 years,” he noted.
Fed Chairman Jerome Powell echoed the same optimism. during last week's political meetingsignaling that the market is in “good shape”.
“We're all watching the job market very, very carefully, and I don't see those cracks today,” Powell said. “We're following every possible story of cracks, but overall the job market is really strong.”
Still, wage hikes could pose a thorny issue for the Fed as it tries to combat inflation.
“Powell did say that wages were growing faster than was consistent with price stability in the past,” said Diane Swonk, chief economist at KPMG.said in an article on X last week.
“It is still unclear whether these gains are a problem or not. The expectation and vision depends largely on productivity growth, which is the elixir that enables faster wage gains without inflation.”
Any surprises on the horizon will likely put a damper on the Fed's rate cut plan.
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