- Emerge
- Posts
- US business activity decelerating
Market Overview
Read time 0.9 minutes
Year To Date Performances:
| Dow Jones | 34,099.42 | 2.91% |
| S&P 500 | 4,376.31 | 14.44% |
| Nasdaq | 13,463.97 | 29.62% |
| Rusell 2000 | 1,846.28 | 5.46% |
| TSX | 19,775.83 | 1.71% |
| Bitcoin | $26,114.40 | 57.99% |
| Ethereum | $1,654.28 | 38.37% |
| US to Canadian Dollar | $1.36 | 0.10% |
Revised data from the Bureau of Labor Statistics (BLS) shows a probable reduction of about 306k jobs in March, more than initially reported, with most of the downward adjustments observed in the transportation & warehousing and professional & business services sectors. Despite these revisions, the US labour market remains robust. Even with these adjusted figures, there were still a minimum of 2.8 million more jobs in March compared to pre-pandemic numbers.
U.S. business activity decelerated significantly in August, as evidenced by S&P Global's preliminary purchasing managers indices. The composite output, which combines manufacturing and services, declined to 50.4 from 52, nearing the threshold of contraction, which is indicated by readings below 50. Delving deeper, manufacturing has been in a slump, shrinking for 7 of the past 8 months, and the services sector, which had shown some resilience, is now registering its most sluggish growth in half a year. This trend aligns with global PMIs that highlight a consistent contraction in manufacturing and a softening in services growth.
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Headlines
PMI data (manufacturing) in Europe has economists concerned about long-term stagflation across the continent.
The SEC has announced that it is updating its regulations for hedge funds.
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