Express News | Non-farm employment data confirms economic slowdown, further opening up space for the Fed to cut interest rates.
Wall Street comments on October non-farm payrolls: Will not affect the Federal Reserve's 25 basis point rate cut this month, the interpretation of the data is subjective.
Nick Timiraos, a Wall Street Journal journalist known as the 'new Fed news agency', stated that the analysis of this employment report can be 'subjective', while most Wall Street analysts believe that the poor data is mainly due to the two hurricanes in October and the Boeing strike, but some analysts are also concerned that the job market is indeed deteriorating. Almost all analysts believe that this report will not affect the expectation of a 25 basis point rate cut by the Fed this month.
The Swiss inflation rate in October dropped to 0.6% for more than three years, lower than expected.
Swiss Federal Statistics Office data shows that Switzerland's October consumer price index (CPI) inflation rate fell to 0.6%, the lowest level since June 2021, below the market's expected 0.8%, compared to 0.8% in September. Housing and energy inflation slowed to 3.5%, while transportation prices fell by 2.7%. Compared to the previous month, CPI slightly decreased by 0.1%, not rising for the fifth consecutive month, reasons include decreases in hotel prices and international tour package prices. Prices of rbob gasoline, diesel, and fruits and vegetables also decreased.
Various sectors in the usa assess non-farm payrolls: Can 0.012 million still do the "American-style downward revision"? Rate cut expectations are stable.
1. The release of the USA non-farm payroll figures for October on Friday was only a meager 0.012 million, far below the market's expected 0.113 million, and the market expectations had already taken into account natural disasters and strikes; 2. The even weaker endogenous trend makes the Fed's interest rate cut next Thursday a foregone conclusion; 3. Considering the non-farm data for the first 9 months of this year, there have been 7 downward revisions, and the October data presents a potential highlight of 'revised to negative numbers.'
USA October ISM Manufacturing PMI fell to 46.5, hitting a 15-month low, with the price index soaring.
USA's October ISM Manufacturing PMI index fell to 46.5, hitting a new low since July 2023, below the expected 47.6 and lower than the previous value of 47.2 in September. The employment index has been below the boom-bust line for the fifth consecutive month, the price payment index surged by 6.5 points in a single month, production activities plummeted sharply, and inventories further declined.
The USA's October ISM Manufacturing PMI was 46.5, lower than expected.
USA's October manufacturing PMI is 46.5, lower than the previous 47.2, with a forecast of 47.6.~