Source: Bloomberg, Average hourly wages came higher than expected for the second straight month in May to spur inflationary concerns, Bloomberg reported. The latest wage figures raise the possibility of a wage-price spiral as higher wages drive more spending growth. This then hits production and hikes business costs.Average hourly earnings stood at $30.33 in May … [Read more...] about U.S. Wage Gains Fan Inflation Worries
Forex News
Mortgage Applications Down for Third Straight Week
Source: Mortgage Bankers Association Mortgage loan applications declined further last week, as fewer homeowners had the capacity to avail of the lower rates. The Market Composite Index fell 3.1% in the week ending June 4 versus the previous one. This is the third consecutive week of declines since May 26.The unadjusted Market Composite Index declined 13% … [Read more...] about Mortgage Applications Down for Third Straight Week
EU to use “Symbolic” Brussels Meeting to Press for an End to Trump-Imposed Duties
Source: CNBC The EU looks ahead to pressuring the US to ease Trump-imposed tariffs ahead of the Brussels meeting next week. EURUSD is up +0.19%. Europe wants the US to end aircraft-related tariffs, as well as steel and aluminum duties before the end of this year. There is no certainty that the US will agree to lift the tariffs on EU’s request. President Trump imposed … [Read more...] about EU to use “Symbolic” Brussels Meeting to Press for an End to Trump-Imposed Duties
U.S Job Recoveries Continue with a Record 9.3M Employment Opening
Source: Bureau of Labor Statistics Rapid recoveries of the U.S saw the economy register a record 9.3 million jobs openings in April. SPY gains +0.052% on news, DXY is up +0.12%. The job openings were higher than March’s 8.3 million and more than expected 8.18 millionThe hire rate remained low at 69,000, unchanged from the previous month at 4.2%Quits, which measures … [Read more...] about U.S Job Recoveries Continue with a Record 9.3M Employment Opening
Americans Are Still Holding on to Their Stimulus Paychecks – BoA
Source: CNN Most Americans continue to park the last rounds of economic stimulus they received in banks. Bank of America Chief Executive Officer Brian Moynihan said most clients of the bank have not yet spent about 65% to 70% of the most recent stimulus paychecks.The United States released $804 billion to individuals and families classified as low and middle income … [Read more...] about Americans Are Still Holding on to Their Stimulus Paychecks – BoA
