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US job growth strengthens in September despite rising unemployment
US job growth slows as unemployment rises to 4.4%, amid economic uncertainty and impact of artificial intelligence on labour market
US job growth slows as unemployment rises to 4.4%, amid economic uncertainty and impact of artificial intelligence on labour market
– U.S. employment growth quickened in September, but unemployment rose to 4.4%, the highest since 2019.
– Job gains were led by healthcare and leisure, while transportation, warehousing, and government jobs declined.
U.S. employment growth accelerated in September, although the labor market struggled to keep up with new job-seekers due to challenges such as import tariffs and the integration of artificial intelligence in roles.The unemployment rate rose to 4.4%, its highest in four years, from 4.3% in August, according to the Labor Department. Revised payroll data indicated that jobs were shed in August, highlighting ongoing labor market softness.
Layoffs remained low in mid-November, indicative of a “no-hire, no-fire” condition in the job market. Some economists believe the rise in unemployment supports a Federal Reserve interest rate cut, while others argue in favour of maintaining rates due to the surprising job growth.
Nonfarm payrolls increased by 119,000 jobs after a revised decrease in August. Economists had previously forecasted a much lower job addition. The report’s release was delayed due to a federal government shutdown.
Stock markets in Wall Street experienced declines, while the dollar remained steady against various currencies. Job gains were influenced by seasonal adjustments in sectors like leisure and hospitality.
Job Sector Trends
Healthcare employment led growth with 43,000 new jobs, while the leisure sector added 47,000. Conversely, transportation and warehousing lost over 25,000 positions, with manufacturing shedding 6,000.
The federal workforce decreased by 3,000 jobs, part of a larger trend of declining employment in government positions. Despite momentum loss, labor participation rose, impacting the unemployment rate dynamics positively.
News
Big Tech earnings spark investor unease over AI spending
Investors monitor Big Tech’s AI investments, with Meta thriving while Microsoft and Tesla face uncertainty over growth and returns.
Investors monitor Big Tech’s AI investments, with Meta thriving while Microsoft and Tesla face uncertainty over growth and returns.
Investors are reacting sharply to Big Tech earnings this week, sending a clear signal that massive spending must translate into real growth. Markets are becoming less forgiving as companies pour billions into artificial intelligence, data centres and future tech while returns remain uncertain.
Meta has delivered a standout performance, posting a 24 percent jump in revenue for the December quarter, fuelled by AI-powered advertising. The company is doubling down on its strategy, with aggressive investment in AI and infrastructure expected to drive a further 33 percent growth this quarter.
Microsoft and Tesla tell a more cautious story. Microsoft reported only modest growth in its Azure cloud business, raising questions about its exposure to OpenAI, while Tesla plans to double spending on AI and autonomous driving. Analysts warn of a widening gap between bold AI ambitions and what investors expect in returns.
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Federal Reserve holds interest rates amid economic uncertainty
Federal Reserve holds interest rates steady, balancing inflation and jobs, as some governors advocate for a cut. #FederalReserve #InterestRates #Economy
Federal Reserve holds interest rates steady, balancing inflation and jobs, as some governors advocate for a cut.
The Federal Reserve has opted to keep interest rates unchanged, marking the first pause since July. Officials are showing little urgency to resume cuts, even after previous rate reductions.
Two Fed governors opposed the decision, calling for a quarter-point cut, highlighting ongoing debates within the rate-setting committee, which includes both appointed governors and regional bank presidents.
Concerns over the job market and persistent inflation continue to weigh heavily on the Fed’s policy decisions, leaving economists and investors closely watching the next moves.
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#FederalReserve #InterestRates #Economy
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Trump warns Iran as U.S. naval forces approach amid rising tensions
Trump urges Iran to resume nuclear talks or face stronger U.S. military response amid economic struggles and tensions rise.
Trump urges Iran to resume nuclear talks or face stronger U.S. military response amid economic struggles and rising tensions.
U.S. President Donald Trump has urged Iran to return to nuclear negotiations, warning that failure to do so could result in a far more severe military response. Posting on Truth Social, Trump signalled a hardening stance as tensions between Washington and Tehran continue to rise.
Trump confirmed that a U.S. naval strike group led by the USS Abraham Lincoln is moving towards Iran, as protests grow inside the country over alleged government repression.
The show of force comes amid heightened regional instability and mounting pressure on the Iranian leadership.
#Trump #Iran #USForeignPolicy
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