Tag Archive: U.S. Average Hourly Earnings

FX Daily, June 5: Greenback Remains Soft Ahead of Employment Report, but Reversal Possible

2020-06-05

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2020-06-05

The modest loss in the S&P 500 and NASDAQ yesterday did not signal the end of the bull run. All the markets in the Asia Pacific region rallied, with the Hang Seng among the strongest with a 1.6% advance that brought the week's gain to around 7.8%. South Korea's Kospi was not far behind with a weekly gain of 7.5%.  In the past two weeks, the MSCI Asia Pacific Index is up nearly 10%. 

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FX Daily, May 8: Jobs and Negative Fed Funds Futures

2020-05-08

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2020-05-08

Overview: The S&P 500 closed near its session lows for the third day running yesterday but failed to deter the bulls in Asia-Pacific, where most markets rose by more than 1%.  Taiwan, Korea, and Australia lagged a bit though closed higher. Europe's Dow Jones Stoxx 600 is firm, and the modest gains (~0.5%) would be enough to ensure a higher weekly close if it can be maintained. 

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FX Daily, February 7: Dollar Rides High as Eurozone Disappoints, and Caution Sets In

2020-02-07

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2020-02-07

Overview: A more cautious tone is evident today in the markets, which seem to have run well ahead of macro developments and evidence that the new coronavirus is not yet contained. After a roughly 3.5% advance in the past three sessions, the MSCI Asia Pacific index pulled back with nearly the markets in the region slipping.

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FX Daily, January 10: Jobs Friday: Asymmetrical Risks?

2020-01-10

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2020-01-10

Overview:  The first full week of 2020 is ending on a quiet note, pending the often volatile US jobs report.  New record highs US equities on the back of easing geopolitical anxiety is a reflection of greater risk appetite that is evident across the capital markets.  Asia Pacific equities mostly rose today, though Chinese shares and a few of the smaller markets saw small losses. 

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FX Daily, October 4: The US Jobs Data to Close a Sobering Week

2019-10-04

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2019-10-04

Overview: The recovery of US shares yesterday signaled today's fragile stability. Gains in Japan, Australia, and Taiwan blunted the losses elsewhere in the region, including a 1% slide in Hong Kong.  The MSCI Asia Pacific Index fell for the third week. China's markets have been closed since Monday and will re-open Monday and may play some catch-up.

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FX Daily, August 2: End of Tariff Truce Trumps Jobs

2019-08-02

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2019-08-02

Overview: The market was finding its sea legs after being hit with wave and counter-wave following the FOMC decision, and more importantly, Powell's attempt to give insight into the Fed's thinking. Trump's tweet than signaled an end to the tariff truce with a 10% levy on the $300 bln of imports from China that have not been subject to action previously.

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FX Daily, July 05: Dollar is Bid Ahead of Jobs Report

2019-07-05

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2019-07-05

Overview: The dovish response to news that Lagarde was nominated to replace Draghi was extended by the dismal German factory order report that has pushed the euro to new two-week lows and kept bond yields near record lows. The focus ahead of the weekend is squarely on the US employment data, where a second consecutive poor report will fan expectations for a large Fed cut to initiate an easing cycle.

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The Crisis of Capital

2018-12-31

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2018-12-31

US Average Hourly Wages, Seasonally Adjusted, 1964 - 2018
The undeniable reality of the 21st century economy is that capital has gained while labor has stagnated. While various critics quibbled about his methodology, Thomas Piketty's core finding--that capital expanded faster than GDP and wages/salaries (i.e. earned income from labor)--is visible in these charts.

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US Jobs Data Optics Disappoint, but Signal Unchanged

2018-04-10

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2018-04-10

The US jobs growth slowed in March more than expected, but the details of the report suggest investors and policymakers will look through it. The poor weather seemed to have played a role. Construction jobs fell (15k) for the first time since last July, and the hours worked by production employees and non-supervisory worker slipped.

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FX Daily, April 06: Trade Trumps Jobs

2018-04-06

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2018-04-06

Trade and equity market volatility, which are not completely separate, continue to dominate investors' interest. Many had come around to accept that while trade tensions were running high, it was likely to be mostly posturing. This conclusion may have helped lift the S&P 500 around 3% over the past three sessions.

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