The U.S. labor market experienced a slowdown in October, with job growth significantly underperforming, according to the Labor Department's report. A total of 150,000 jobs were added, marking the smallest gain since June and falling short of the expected 180,000. Concurrently, the unemployment rate rose to a two-year high of 3.9%, reflecting a cooling labor market.
Asian shares rallied for a fourth straight session on Monday after markets moved to price in earlier rate cuts in the United States and Europe, bullish wagers that will be tested by a swarm of central bank speakers this week.
Oil prices edged up on Monday after top exporters Saudi Arabia and Russia said they would stick to extra voluntary oil output cuts until the end of the year, keeping supply tight, while investors watched out for tougher U.S. sanctions on Iranian oil.
Major global currencies were steady early on Monday with investors preparing for the U.S. dollar to extend declines from late last week after the Federal Reserve dialled down its hawkish rhetoric.
A labour market intervention step should be implemented by focusing on middle-income workers, who are being squeezed, as reported by the Ministry of Finance in the Economic Outlook 2024, said Human Resources Minister V Sivakumar.
US holiday sales in 2023 are expected to rise at the slowest pace in five years, data from the National Retail Federation (NRF) showed on Thursday, as Americans grappling with sticky inflation think twice before splurging this shopping season.