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US labor market shrugs off recession fears; keeps Fed on tightening path

Nonfarm payrolls increase 263,000 in November Unemployment rate steady at 3.7%; participation rate falls Average hourly earnings rise 0.6%; up 5.1% year-on-year WASHINGTON, Dec 2 (Reuters) – US employers hired more workers than expected in November and increased wages, shrugging off mounting worries of a recession, but that will probably not stop the Federal Reserve …

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US consumer spending powers ahead in October; inflation cooling

Consumer spending increases 0.8% in October Personal income rises 0.7%; saving rate falls to 2.3% Core PCE price index gains 0.2%; up 5.0% year-on-year Weekly jobless claims fall 16,000 to 225,000 WASHINGTON, Dec 1 (Reuters) – US consumer spending increased solidly in October, while inflation moderated, giving the economy a powerful boost at the start …

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US weekly jobless claims at 3-month high; equipment spending resilient

Weekly jobless claims increase 17,000 to 240,000 Continuing claims rise 48,000 to 1.551 million Core capital goods orders rebound 0.7% in October Shipments of core capital goods surge 1.3% WASHINGTON, Nov 23 (Reuters) – The number of Americans filing new claims for jobless benefits increased to a three-month high last week amid rising layoffs in …

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China’s factory, services activity skids on relentless COVID curbs

Official manufacturing PMI unexpectedly fell in Oct Official services PMI contracts in Oct Analysts expect economy to struggle heading into 2023 BEIJING, Oct 31 (Reuters) – China’s factory activity unexpectedly fell in October, weighed by softening global demand and strict domestic COVID-19 curbs, which hit production, travel and shipping in the world’s second-largest economy. While …

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Rise in US consumer spending beats expectations; wage inflation slows

Consumer spending increases 0.6% in September Core PCE price index rises 0.5%; up 5.1% year-on-year Employment cost index increases 1.2% in third quarter private sector wages rise 1.2%; up 5.2% year-on-year WASHINGTON, Oct 28 (Reuters) – US consumer spending rose more than expected in September while underlying inflation pressures continued to bubble, keeping the Federal …

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Inflation worries hurt US consumer confidence; house prices decelerating

Consumer confidence index falls 5.3 points to 102.5 Labor market differential drops to 32.5 from 38.1 House price gains slow further in August WASHINGTON, Oct 25 (Reuters) – US consumer confidence ebbed in October after two straight monthly increases amid rising concerns about inflation and a possible recession next year, but households remained keen to …

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US existing home sales slide again in September; jobless claims fall

Oct 20 (Reuters) – Sales of existing US homes slide for an eighth straight month in September and will likely fall further in the months ahead as the housing market continues to stand out as the economic sector absorbing the hardest hit from the Federal Reserve’s aggressive interest rate hikes. The broadly weak report from …

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China delays release of key economic data amid party congress

BEIJING, Oct 17 (Reuters) – China delayed the release of economic indicators scheduled for publication this week, including its third-quarter gross domestic product data due on Tuesday, according to an updated calendar on the statistics bureau’s website. The highly unusual delay comes amid the week-long congress of the ruling Communist Party, a twice-a-decade event that …

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Soaring rent, food costs keep US consumer inflation on front burner

Consumer prices increase 0.4% in September CPI advances 8.2% on year-on-year basis Core CPI rises 0.6%; jumps 6.6% year-on-year WASHINGTON, Oct 13 (Reuters) – US consumer prices increased more than expected in September as rents surged by the most since 1990 and the cost of food also rose, reinforcing expectations the Federal Reserve will deliver …

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