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 ...
The International Monetary Fund (IMF) has reduced its global growth forecast for 2025, citing increasing risks from geopolitical tensions and trade protectionism. Global output is now expected to expand by 3.2%, which is 0.1 percentage point lower than the IMF's previous estimate in July.
Meanwhile, in North America, the Bank of Canada took bold action, cutting its benchmark interest rate by 50 basis points to 3.75%, the largest cut since March 2020, signaling the end of the post-pandemic era of high inflation. The move aims to boost growth as inflation expectations trend closer to the target of 2%.
In China, banks also lowered lending rates following easing measures by the central bank, part of an effort to revive economic growth and mitigate the ongoing housing market slump. However, South Korea's economy saw minimal growth last quarter, highlighting the challenges posed by weakening exports and rising geopolitical tensions.
Key risks also loom globally, including the US presidential election, with vastly different economic implications, escalating conflicts in the Middle East, the ongoing Russia-Ukraine war, and tensions in the Taiwan Strait. These issues further complicate the outlook for global growth as the world approaches year-end.
In Europe, the region continues to struggle, with private-sector activity declining for the second consecutive month, particularly in the euro area's largest economies. In contrast, Russia raised its key interest rate to a record high, surpassing levels seen after the invasion of Ukraine, as it battles persistent inflation.
Emerging markets are also feeling the pinch, with Saudi Arabia’s oil revenue dropping to a three-year low, and Colombia seeing a surg
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