According to the report, the total nonfarm payroll employment increased by 175,000 last month compared to 240,000 estimated by Dow Jones. This represents a steep decline compared to March, when 315,000 jobs were added, dwarfing the expected gain of 205,000.

The expectations were that the unemployment rate would remain steady at 3.8%, but April brought an uptick to 3.9%. Additionally, the wage gains also didn’t fare as estimated, rising 0.2% from March and 3.9% compared to the same period in 2023.

The cooldown of the job market is something that the Federal Reserve will likely look at as a sign that their interest rate policies are producing the desired results. With a slower labor market, the Fed will come closer to its goal of taming inflation and bringing it to 2%.

“Demand is still strong — the demand side of the labor market, in particular,” Federal Reserve Chair Jerome Powell said earlier this week. “But it’s cooled from its extremely high level of a couple of years ago.”

The post U.S. Job Gains Reach Lowest Level in 6 Months, Unemployment Rate on the Rise appeared first on theprimarymarket.com.

In a statement released on Friday, FDIC announced that all the deposits and the assets of Republic First were sold to Lancaster, Pennsylvania-based Fulton Bank. On Saturday and Monday, depending on the working hours, the 32 branches of Republic First in New Jersey, Pennsylvania, and New York will re-open as branches of Fulton Bank.

The depositors at Republic First will now become depositors at Fulton Bank, FDIC added. The bank entered 2024 having $4 billion in total deposits and $6 billion in total assets.

“To protect depositors, the FDIC entered into an agreement with Fulton Bank, National Association of Lancaster, Pennsylvania to assume substantially all of the deposits and purchase substantially all of the assets of Republic Bank,” the FDIC said in a statement.

Republic Bank faced problems in early 2023, with higher costs and lack of profitability forcing the bank to shut down its mortgage business and cut workplaces. It later came to a deal with a group of investors in an attempt to continue operating, but the arrangement fell through in February and prompted FDIC to renew efforts to take over the bank.  

The post Troubled Republic First Bancorp Seized By Regulators, Sold to Fulton Bank appeared first on theprimarymarket.com.

March jobs data, set to be released later this week is expected to show that employment has continued to rise this past month. While Powell is expected to provide more insight in Wednesday’s speech, he previously mentioned that Fed policymakers are awaiting further evidence to suggest that prices are being contained before introducing interest rate cuts.

Oil edged towards a five-month high as Middle East tension continues and Mexican supplies remain tight. West Texas Intermediate rose 0.6% to $84.25 per barrel. Spot gold traded 0.2% higher at $2,255.31 an ounce.

The post U.S. Futures Idle as Investors Assess Federal Reserve Outlook appeared first on theprimarymarket.com.

Nonfarm payrolls are expected to rise by 200,000 in February, while the unemployment rate is expected to hold steady at 3.7%, as was the case in January. In January, 353,000 jobs were added to the economy, meaning that a slowdown in hiring over February is expected. The average weekly hours worked for February is expected to be 34.3, compared to 34.1 in January. On a monthly basis, average hourly earnings are expected to rise by 0.2%, compared to a 0.6% increase in January. On a yearly basis, average hourly earnings are expected to rise by 4.3%, compared to a 4.5% rise in January.

Oxford Economics lead U.S. economist Nancy Vanden Houten believes that this jobs report would encourage the Federal Reserve to introduce interest rate cuts as early as May if it meets analysts’ expectations. “After an overheated surge in January, we expect a cooler, but still solid, pace of job growth in February and expect the spike in earnings growth to be reversed. A report that is stronger than we forecasted would raise the risk that the first Federal Reserve rate cut comes later than May, which is currently our baseline,” she wrote in a note to clients.

The post Jobs Report Expected to Show Hiring Slowdown appeared first on theprimarymarket.com.

During Powell’s address to the U.S. House and Senate on Wednesday, the Fed president is expected to provide an update on the state of the U.S. economy as well as the status of the central bank’s fight against inflation. Investors will also be on the lookout for clues as to when the Fed will consider implementing interest rate cuts.

February’s jobs report is expected to show that 190,000 nonfarm payrolls were added for the month, with unemployment expected to remain at a level of 3.7%, constant with January’s figure.

The post Investors Brace for February Jobs Report and Fed Chair Testimony appeared first on theprimarymarket.com.

Fitch has highlighted a large general government (GG) deficit in 2023, accounting for 8.8% of GDP in 2023, which the credit agency expects to fall to 8% in 2024 due to rising revenue growth and slashed government spending. “The interest burden, however, will continue to grow given the higher debt burden and impact of higher rates”, Fitch explained, suggesting that a declining GG deficit will not prove to be the entire solution to stunted economic growth.

Looking forward, the credit agency views the upcoming US presidential elections in November as a vital driver of the country’s economic trajectory given potential changes in policymaking.

The post Fitch Maintains AA+ Rating for U.S. Amid Stable Outlook appeared first on theprimarymarket.com.

Contracts listed on the Dow Jones Industrial Average were down 0.3%, as were those on the benchmark S&P 500, while those on the tech-heavy Nasdaq 100 were down by as much as 0.4%. Stocks have stagnated in the latter stages of February after reaching record levels, with the S&P 500 exceeding 5,000 for the first time in its history.

While the market received a major boost from the artificial intelligence boom, this was cut short as economic data suggested that inflation is remaining more stubborn than expected even amid signs of cooling. This has thus influenced market bets on when the Federal Reserve will introduce its first interest rate cut following its aggressive rate-hiking agenda.

The post U.S. Futures Decline Ahead of Inflation Report appeared first on theprimarymarket.com.

On a four-week average, jobless claims fell by 4,750 to 203,250; the lowest four-week average in almost a year. With weekly unemployment claims being viewed as a gauge for layoffs in a given week, the US labor market has remained unexpectedly strong despite steep interest rates and elevated inflation.

Although economists broadly expected the US economy to slip into a recession in late 2023, this was ultimately not the case, with the labor market remaining strong. The national unemployment has remained below 4% for 23 consecutive months; the longest streak since the 1960s.

The post Jobless Claims Hit Lowest Level Since September 2022 appeared first on theprimarymarket.com.

In terms of long-run inflation, consumers expect a 2.8% reading, down from 3.2% during the previous report which was the highest level since 2011. The overall consumer sentiment index gained 13% in December; a reversal of four straight months of decline. The index was at 69.4, surpassing November’s 59.8 reading.

While the Consumer Price Index showed that consumer prices remained unchanged from October, the Personal Consumer Expenditures (PCE) index, which is the Federal Reserve’s preferred inflation gauge, showed prices increasing at their slowest pace in over two years. “While the lower inflation readings of the past few months are welcome, that progress must continue if we are to reach our 2% objective,” Fed Chair Jerome Powell stated in a speech on December 1.

The post Inflation Expectations Sink to Lowest Level in Two Years appeared first on theprimarymarket.com.

Speaking during an event at Atlanta’s Spelman College, Powell said that the Federal Reserve still isn’t assured that the fight with inflation is over or that inflation will get to the Fed’s target mark of 2%.

“It would be premature to conclude with confidence that we have achieved a sufficiently restrictive stance or to speculate on when policy might ease,” Powell said.

According to Powell, the Fed will rely on economic data to determine how to approach interest rate movement.

“Having come so far so quickly, the (Federal Open Market Committee) is moving forward carefully, as the risks of under- and over-tightening are becoming more balanced,” he added.

One thing that seems fairly certain is that the Fed will likely keep the 5.25%-5.50% rate at least until the end of 2024. The rate has been unchanged for the past two meetings, and experts expect it to stay put for the upcoming December meeting as well.

The post Fed Chairman Jerome Powell Says There Will Be No Interest Rate Cuts Soon appeared first on theprimarymarket.com.

According to the report, the total nonfarm payroll employment increased by 175,000 last month compared to 240,000 estimated by Dow Jones. This represents a steep decline compared to March, when 315,000 jobs were added, dwarfing the expected gain of 205,000.

The expectations were that the unemployment rate would remain steady at 3.8%, but April brought an uptick to 3.9%. Additionally, the wage gains also didn’t fare as estimated, rising 0.2% from March and 3.9% compared to the same period in 2023.

The cooldown of the job market is something that the Federal Reserve will likely look at as a sign that their interest rate policies are producing the desired results. With a slower labor market, the Fed will come closer to its goal of taming inflation and bringing it to 2%.

“Demand is still strong — the demand side of the labor market, in particular,” Federal Reserve Chair Jerome Powell said earlier this week. “But it’s cooled from its extremely high level of a couple of years ago.”

The post U.S. Job Gains Reach Lowest Level in 6 Months, Unemployment Rate on the Rise appeared first on theprimarymarket.com.

In a statement released on Friday, FDIC announced that all the deposits and the assets of Republic First were sold to Lancaster, Pennsylvania-based Fulton Bank. On Saturday and Monday, depending on the working hours, the 32 branches of Republic First in New Jersey, Pennsylvania, and New York will re-open as branches of Fulton Bank.

The depositors at Republic First will now become depositors at Fulton Bank, FDIC added. The bank entered 2024 having $4 billion in total deposits and $6 billion in total assets.

“To protect depositors, the FDIC entered into an agreement with Fulton Bank, National Association of Lancaster, Pennsylvania to assume substantially all of the deposits and purchase substantially all of the assets of Republic Bank,” the FDIC said in a statement.

Republic Bank faced problems in early 2023, with higher costs and lack of profitability forcing the bank to shut down its mortgage business and cut workplaces. It later came to a deal with a group of investors in an attempt to continue operating, but the arrangement fell through in February and prompted FDIC to renew efforts to take over the bank.  

The post Troubled Republic First Bancorp Seized By Regulators, Sold to Fulton Bank appeared first on theprimarymarket.com.

March jobs data, set to be released later this week is expected to show that employment has continued to rise this past month. While Powell is expected to provide more insight in Wednesday’s speech, he previously mentioned that Fed policymakers are awaiting further evidence to suggest that prices are being contained before introducing interest rate cuts.

Oil edged towards a five-month high as Middle East tension continues and Mexican supplies remain tight. West Texas Intermediate rose 0.6% to $84.25 per barrel. Spot gold traded 0.2% higher at $2,255.31 an ounce.

The post U.S. Futures Idle as Investors Assess Federal Reserve Outlook appeared first on theprimarymarket.com.

Nonfarm payrolls are expected to rise by 200,000 in February, while the unemployment rate is expected to hold steady at 3.7%, as was the case in January. In January, 353,000 jobs were added to the economy, meaning that a slowdown in hiring over February is expected. The average weekly hours worked for February is expected to be 34.3, compared to 34.1 in January. On a monthly basis, average hourly earnings are expected to rise by 0.2%, compared to a 0.6% increase in January. On a yearly basis, average hourly earnings are expected to rise by 4.3%, compared to a 4.5% rise in January.

Oxford Economics lead U.S. economist Nancy Vanden Houten believes that this jobs report would encourage the Federal Reserve to introduce interest rate cuts as early as May if it meets analysts’ expectations. “After an overheated surge in January, we expect a cooler, but still solid, pace of job growth in February and expect the spike in earnings growth to be reversed. A report that is stronger than we forecasted would raise the risk that the first Federal Reserve rate cut comes later than May, which is currently our baseline,” she wrote in a note to clients.

The post Jobs Report Expected to Show Hiring Slowdown appeared first on theprimarymarket.com.

During Powell’s address to the U.S. House and Senate on Wednesday, the Fed president is expected to provide an update on the state of the U.S. economy as well as the status of the central bank’s fight against inflation. Investors will also be on the lookout for clues as to when the Fed will consider implementing interest rate cuts.

February’s jobs report is expected to show that 190,000 nonfarm payrolls were added for the month, with unemployment expected to remain at a level of 3.7%, constant with January’s figure.

The post Investors Brace for February Jobs Report and Fed Chair Testimony appeared first on theprimarymarket.com.

Fitch has highlighted a large general government (GG) deficit in 2023, accounting for 8.8% of GDP in 2023, which the credit agency expects to fall to 8% in 2024 due to rising revenue growth and slashed government spending. “The interest burden, however, will continue to grow given the higher debt burden and impact of higher rates”, Fitch explained, suggesting that a declining GG deficit will not prove to be the entire solution to stunted economic growth.

Looking forward, the credit agency views the upcoming US presidential elections in November as a vital driver of the country’s economic trajectory given potential changes in policymaking.

The post Fitch Maintains AA+ Rating for U.S. Amid Stable Outlook appeared first on theprimarymarket.com.

Contracts listed on the Dow Jones Industrial Average were down 0.3%, as were those on the benchmark S&P 500, while those on the tech-heavy Nasdaq 100 were down by as much as 0.4%. Stocks have stagnated in the latter stages of February after reaching record levels, with the S&P 500 exceeding 5,000 for the first time in its history.

While the market received a major boost from the artificial intelligence boom, this was cut short as economic data suggested that inflation is remaining more stubborn than expected even amid signs of cooling. This has thus influenced market bets on when the Federal Reserve will introduce its first interest rate cut following its aggressive rate-hiking agenda.

The post U.S. Futures Decline Ahead of Inflation Report appeared first on theprimarymarket.com.

On a four-week average, jobless claims fell by 4,750 to 203,250; the lowest four-week average in almost a year. With weekly unemployment claims being viewed as a gauge for layoffs in a given week, the US labor market has remained unexpectedly strong despite steep interest rates and elevated inflation.

Although economists broadly expected the US economy to slip into a recession in late 2023, this was ultimately not the case, with the labor market remaining strong. The national unemployment has remained below 4% for 23 consecutive months; the longest streak since the 1960s.

The post Jobless Claims Hit Lowest Level Since September 2022 appeared first on theprimarymarket.com.

In terms of long-run inflation, consumers expect a 2.8% reading, down from 3.2% during the previous report which was the highest level since 2011. The overall consumer sentiment index gained 13% in December; a reversal of four straight months of decline. The index was at 69.4, surpassing November’s 59.8 reading.

While the Consumer Price Index showed that consumer prices remained unchanged from October, the Personal Consumer Expenditures (PCE) index, which is the Federal Reserve’s preferred inflation gauge, showed prices increasing at their slowest pace in over two years. “While the lower inflation readings of the past few months are welcome, that progress must continue if we are to reach our 2% objective,” Fed Chair Jerome Powell stated in a speech on December 1.

The post Inflation Expectations Sink to Lowest Level in Two Years appeared first on theprimarymarket.com.

Speaking during an event at Atlanta’s Spelman College, Powell said that the Federal Reserve still isn’t assured that the fight with inflation is over or that inflation will get to the Fed’s target mark of 2%.

“It would be premature to conclude with confidence that we have achieved a sufficiently restrictive stance or to speculate on when policy might ease,” Powell said.

According to Powell, the Fed will rely on economic data to determine how to approach interest rate movement.

“Having come so far so quickly, the (Federal Open Market Committee) is moving forward carefully, as the risks of under- and over-tightening are becoming more balanced,” he added.

One thing that seems fairly certain is that the Fed will likely keep the 5.25%-5.50% rate at least until the end of 2024. The rate has been unchanged for the past two meetings, and experts expect it to stay put for the upcoming December meeting as well.

The post Fed Chairman Jerome Powell Says There Will Be No Interest Rate Cuts Soon appeared first on theprimarymarket.com.