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  • Sep 06, 2024

Biden to sign order to prioritize federal grants for projects with higher worker wages and benefits

President Joe Biden on Friday plans to sign an executive order for federal grants that would prioritize projects with labor agreements, wage standards, and benefits such as access to child care and apprenticeship programs. The Biden administration is trying to make the case that economic growth should flow out of better conditions for workers. “A good job is a job with security and benefits, where workers have the right to join a union, advocate for better working conditions, come home safe and healthy, and retire with dignity,” said Acting Labor Secretary Julie Su.

  • Sep 06, 2024

Investor dash to cash continues ahead of Fed rate cut, BofA says

Investors poured $61 billion into cash-like money market funds in the week to Wednesday, as they braced for the Federal Reserve to cut interest rates for the first time in four years, Bank of America said on Friday. WHY IT'S IMPORTANT Many investment fund managers have hoped rate cuts will lower the returns on money-market funds (MMFs) and send a torrent of cash into stocks and bonds. But, somewhat counter-intuitively, big investors tend to move into MMF as the range of short-term fixed income assets they hold typically offer higher returns for longer than short-term Treasury bills, whose yields are highly sensitive to Fed rates.

  • Sep 06, 2024

Oil steadies ahead of key US jobs report

(Reuters) -Oil prices ticked up in Asian trading on Friday, with investors exercising caution ahead of key U.S. employment data as they weighed a big withdrawal from U.S. crude inventories and a delay to production hikes by OPEC+ producers. "It seems that broader caution prevails, as market participants are still trying to wrap their heads around the mixed U.S. economic data coming through this week, while the lead-up to the crucial jobs report may limit some risk-taking," said Yeap Jun Rong, a market strategist at IG.

  • Sep 06, 2024

Bitcoin Taking Cue From Stocks Heading Into Pivotal US Jobs Data

(Bloomberg) -- Bitcoin and other major digital tokens are set to dance to the tune of the stock market’s reaction to a key US jobs report due later Friday, if a rising short-term correlation between crypto and equities is any guide.Most Read from BloombergWorld's Second-Tallest Tower Tests Malaysia's Appetite for More SkyscrapersThe Outsized Cost of Expanding US RoadsMadrid to Ban E-Scooter Rentals, Following Lead Set in ParisHow Air Conditioning Took Over the American OfficeHong Kong’s Arts Hub

  • Sep 06, 2024

Oil Set for Deep Weekly Loss Even as OPEC+ Delays Adding Barrels

(Bloomberg) -- Oil was poised for the deepest weekly loss in almost a year on persistent concerns about soft demand and ample supply, even as OPEC+ delayed a planned increase in output by two months.Most Read from BloombergWorld's Second-Tallest Tower Tests Malaysia's Appetite for More SkyscrapersThe Outsized Cost of Expanding US RoadsMadrid to Ban E-Scooter Rentals, Following Lead Set in ParisHow Air Conditioning Took Over the American OfficeHong Kong’s Arts Hub Turns to Selling Land to Stay Af

  • Sep 06, 2024

What's at stake in Sri Lanka's first presidential vote since its economic meltdown?

Sri Lanka will hold its presidential election on Sept. 21 in a crucial vote that will decide the future of the South Asian nation still struggling to recover from its economic collapse in 2022, which provoked mass protests and forced the former President Gotabaya Rajapaksa to flee the country and later resign. The election is seen as a referendum on President Ranil Wickremesinghe's two-year-long rule that has overseen a fragile recovery of the country's economy. Almost 17 million of Sri Lanka’s 22 million people are eligible to vote, and 38 candidates are running for office. Who are the main candidates?

  • Sep 06, 2024

Factbox-How Wall Street firms see US jobless rate shaping Fed rate cut

The Federal Reserve is widely expected to cut borrowing costs at its upcoming meeting Sept. and the strength of the job market is likely to be a deciding factor on whether it delivers a quarter-of-a-percentage-point cut or a bigger half-point cut. Below is a sampling of Wall Street banks' forecasts for the August employment report along with their expectations for the size of the Fed's rate cut later this month.

  • Sep 06, 2024

US job growth seen picking up in August; unemployment rate easing to 4.2%

U.S. job growth likely picked up in August, with the unemployment rate forecast to have dropped to 4.2%, which would offer more assurance that an orderly labor market slowdown remained intact and cement expectations of a quarter-point interest rate cut from the Federal Reserve this month. The Labor Department's closely watched employment report on Friday would add to solid consumer spending in dispelling financial market fears of a recession, which were stoked by a rise in the jobless rate to a near three-year high of 4.3% in July. The fourth straight monthly increase in the unemployment rate put a 50 basis point rate cut on the table.

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