The services sector output hit a fresh all-time high in May as most businesses reopened after the COVID-19 pandemic, according to the Institute for Supply Management. The Services PMI grew 1.3 percentage points to 64% in May from 62.7% in April.The latest reading surpassed the previous record high of 63.7% recorded in March, after growing for 12 straight months.All 18 … [Read more...] about Service Sector Carves Fresh All-Time High in May, Beating Expectation
Forex News
U.S. Private Sector Job Growth Posts 11-Month High in May
The United States private sector added nearly a million jobs in May, according to the ADP National Employment Report. Private sector grew by 978,000 in May, the largest jump since 4.350 million jobs were added in June 2020.The latest figure compares with 654,000 jobs added in April, and 3.170 million in May 2020.Most of the additional jobs were in services, specifically in … [Read more...] about U.S. Private Sector Job Growth Posts 11-Month High in May
Jobless Claims Below 400,000 For First Time Since COVID-19 Pandemic
American unemployment claims fell below 400,000 for the first time since the COVID-19 pandemic hit, according to data released by the Labor Department. Seasonally adjusted initial claims for the week ending May 29 fell 20,000 to 385,000. This is the lowest level since it stood at 256,000 on March 14, 2020.The previous week's level was revised down by 1,000 to 405,000 from … [Read more...] about Jobless Claims Below 400,000 For First Time Since COVID-19 Pandemic
Australian Exports Find New Markets After China’s Trade Restrictions
Australia has found new markets for exports restricted by China after the recent fallout between the two countries, CNBC reported. Lowy Institute Lead Economist Roland Rajah said that while exports to China expectedly plunged in areas hit by sanctions, most of the trade found other markets.Beijing imposed restrictions on Australian imports after Australia backed a global … [Read more...] about Australian Exports Find New Markets After China’s Trade Restrictions
Federal Reserve to Start Tapering Corporate Bond Holdings
The United States Federal Reserve will start winding down its corporate bond holdings accumulated in 2020 amid the COVID-19 pandemic, according to Reuters. Among those to be unwinded are holdings in the Secondary Market Corporate Credit Facility, including corporate bonds purchased in the secondary market and exchange-traded funds investing in corporate bonds.The holdings … [Read more...] about Federal Reserve to Start Tapering Corporate Bond Holdings
