The US labour market showed signs of a steady slowdown in October, with job openings increasing moderately and layoffs declining, according to the latest Job Openings and Labor Turnover Survey (JOLTS) report released by the Bureau of Labor Statistics on Tuesday. Job openings, a key indicator of labour demand, rose by 372,000 to 7.744 million at the end of October. However, the September figures were revised downward to 7.372 million from the initially reported 7.443 million. Economists polled by Reuters had anticipated 7.475 million vacancies. Labour Market Dynamics While job openings increased, hires dropped by 269,000 to 5.313 million, and layoffs fell by 169,000 to 1.633 million. These figures suggest a gradual cooling of the labour market rather than a sharp contraction. Hurricanes and strikes also impacted October’s labour market data. Rebuilding efforts in storm-affected regions and the resolution of strikes at Boeing and another aerospace company are expected to contribute to a ...
Malaysia’s gross loan growth remained steady in June, bolstered by an increase in business borrowings which offset a slowdown in consumer lending and corporate bonds, according to data from Bank Negara Malaysia (BNM) released on Wednesday.
Key Points:
Overall Loan Growth:
- Credit to the private non-financial sector expanded by 5.4% year-on-year in June, maintaining the same growth rate as in May.
Business Loans:
- Outstanding business loans increased by 5.6% in June, up from 4.8% in May.
- This growth was driven by loans for working capital and investment-related purposes.
- Significant loan growth was noted in the construction and services sectors.
Household Loans:
- Outstanding household loan growth slightly decreased to 6.2% from May’s rate of 6.3%.
Corporate Bonds:
- Growth in outstanding corporate bonds slowed to 3.4% from May’s 4%.
Loan and Bond Data:
- The data includes loans to households and non-financial corporations from the banking system and development financial institutions.
- It also covers corporate bonds issued by non-financial corporations, including short-term papers.
Asset Quality:
- Asset quality in the banking system remained sound, with gross impaired loans stable at 1.6%.
- Net impaired loans were also stable at 1% in June.
- Total provisions stood at RM32 billion, unchanged from the end of May.
Liquidity and Funding:
- Banks' liquidity and funding positions were supportive of intermediation activity.
- The aggregate liquidity coverage ratio rose to 155.2% from 149.7% in May.
- The loan-to-fund ratio increased slightly to 83% compared to 82.2% in May.
BNM’s data highlights a steady lending environment with robust business loan growth balancing out slower consumer lending and corporate bonds growth. The sound asset quality and strong liquidity positions indicate a stable financial system supportive of continued economic activity.
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