Wolf Money(world market review 30 Sept - 6 Oct 2024)
(Image credit: zen-tools.net) Market Summary 30 Sept – 6 Oct 2024 *USA* + Fed likely sticks with quarter percentage pt interest rate cuts moving forward; sees no ‘hurry’ as confidence in economy grows: Powell + Goldman Sachs still sees two 25 bps cuts this year after Powell remarks + US nonfarm payrolls up by 254,000 in Sept, jobless rate at 4.1%, gains mainly in food services, healthcare, construction sectors + US private payrolls increased by 143,000 jobs in Sept boosted by hiring in the construction, leisure and hospitality industries + US average hourly earnings for all employees on private nonfarm payrolls increased by 13 cents or 0.4% in Sept + US Composite PMI Output Index at 54 in Sept vs 54.6 in Aug -US factory orders down by 0.2% in Aug landing at US$590.4bn -US job cuts down to 72,821 in Sept, up 53% YoY, in Q3 saw 174,597 cuts, down 16% from previous qtr, but up 19% YoY + Dow posted record closing on Fri as job data eased economic worries + US port strikes ended