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US private sector adds fewest jobs since 2021
The US private sector added the fewest number of jobs in three and a half years in August, a sign of a cooling labour market
US private sector added 99K jobs in August, the lowest since January 2021
OPEC+ may postpone a planned October production boost of 180,000 barrels per day
RBA’s Bullock signals no near-term rate cuts amid inflation concerns
US private sector job growth slows to lowest since 2021
Private sector employment in the US grew by just 99,000 in August 2024, marking the weakest monthly gain since January 2021, according to the latest ADP report. This figure follows a downwardly revised increase of 111,000 in July and fell well short of economists' expectations of 145,000, highlighting a continued cooling in the labour market for the fifth consecutive month. Meanwhile, wage growth remained steady, signaling that while hiring has slowed, pressures on wages have yet to ease.
In a separate report, US unemployment claims dropped by 5,000 to 227,000 in the week ending August 31, below the forecast of 230,000. This brought claims to a seven-week low, with the four-week moving average—seen as a more stable measure—falling by 1,750 to 230,000.
Oil prices edge higher as OPEC+ mulls output delay
US crude oil futures (WTI) edged higher on Thursday, trading near $69.50 per barrel after shedding nearly 6.5% over the previous two sessions. Market sentiment improved on reports that OPEC+ is nearing an agreement to postpone a planned production increase of 180,000 barrels per day, initially slated for October. The potential delay comes as global supply concerns weigh on crude prices, suggesting OPEC+ aims to maintain tighter control over output.
RBA Governor Bullock signals no rate cuts in sight
Reserve Bank of Australia (RBA) Governor Michele Bullock reaffirmed the central bank’s cautious stance on interest rates, emphasizing that cuts are unlikely in the near future as long as economic conditions align with the bank's projections. Speaking today, Bullock highlighted the Board’s vigilance regarding upside risks to inflation, stressing that monetary policy must remain restrictive until there is clear evidence that inflation is sustainably returning to the target range. While headline inflation has receded from its peak, underlying inflation, measured by the trimmed mean, remained at 3.9% as of June, still above the RBA's target of 2–3%.
