The U.S. economy added a feeble 22,000 nonfarm jobs in August, the Bureau of Labor Statistics (BLS) reported, less than a third of the 75,000 expected by economists in a Dow Jones survey.
Tag: U.S. Economy
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TOP TREND: ANOTHER GOLDEN YEAR FOR GOLD
Gold’s price surpassed $3,600 on 6 September and seems on its way to at least $3,700, analysts said.
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SPOTLIGHT: BIGS GETTING BIGGER
In one of Europe’s largest mergers in the last two years, Keurig Dr Pepper is buying JDE Peet's, a Dutch maker of coffee, teas, and soft drinks for $18.4 billion in cash.
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SPOTLIGHT: THE UNCERTAIN U.S. HOUSING MARKET
U.S. home sales in July rose 2 percent above June’s, a 0.8-percent increase year on year, the National Association of Realtors (NAR) reported.
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POWELL SIGNALS AN INTEREST RATE CUT IN SEPTEMBER
Speaking on 22 August at the global central bankers’ retreat in Wyoming, Jerome Powell, chair of the U.S. Federal Reserve, indicated the Fed will probably cut its key interest rate next month.
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INVESTORS REDISCOVER THE S&P 500’S OTHER 493 STOCKS
With megatech stocks coming to be seen as overvalued, investors are turning their attention away from the “Magnificent Seven” giants—Alphabet, Amazon, Apple, Meta, Microsoft, Nvidia, and Tesla—that have fueled U.S. equity markets’ long-running rally.
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TECH STOCKS TUMBLE ON FEARS THAT AI HAS BEEN OVERPLAYED
Tech stocks shed value last week after a Massachusetts Institute of Technology report said that only 5 percent of companies that have adopted artificial intelligence (AI) have made a profitable use of it and that half of corporate AI experiments have failed.
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ECONOMIC UPDATE – MARKET OVERVIEW
Last week the U.S. equity markets were tanking. What brought them down the most was the fear that we have long forecast that is now just becoming part of the mainstream narrative; over-investment in the AI sector and the fear of a Dot-com Bust 2.0.
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SPOTLIGHT: BIGS GETTER BIGGER
Gildan Activewear, which makes sweatshirts and other activity clothing, is buying underwear company Hanesbrands for $2.2 billion. When Hanesbrands’ debt is included, the deal’s value totals $4.4 billion.
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UNEMPLOYMENT CLAIMS SHRINK, AS DOES U.S. INDUSTRIAL OUTPUT
New applications for unemployment benefits fell by 3,000 in the most recent week to 224,000 from the week before. Economists polled by The Wall Street Journal had expected 229,000 new claims.