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31 May 2024,03:20
Weekly Outlook
31 May 2024, 03:20
Australia’s economy experienced sluggish growth, with the Gross Domestic Product expanding by only 0.2% in the fourth quarter of 2023, below the anticipated 0.3%. This marked the fourth consecutive quarter of disappointing figures. Domestic demand was weak, as household spending on essentials showed a modest rise while discretionary spending decreased. With the economy continuing to slow and consumers feeling the pinch from high living costs and mortgage payments, it is anticipated that future data will indicate ongoing economic subduedness.
In April, the ADP jobs report showed the inclusion of 192,000 nonfarm private jobs, slightly lower than March’s 208,000, but still exceeding expectations of 179,000. Despite a minor slowdown in job creation, this indicates the labor market’s enduring strength. As it steadily recovers from post-pandemic disruptions and maintains strong gains, market observers expect continued positive job growth in the private sector.
In April, the Bank of Canada maintained its benchmark interest rate unchanged for the sixth consecutive time since July as the central bank expressed its intention to monitor whether the slowdown in inflation persists before considering any rate cuts during previous meeting. While Bank of Canada officials had previously noted that a rate cut in June was possible, analysts anticipate that the central bank will keep the rate steady, given its preference for inflation to hover around 2%, which is currently at 2.7%.
In April, U.S. job growth slowed more than expected, with nonfarm payrolls increasing by just 175,000 jobs, compared to 315,000 in the previous month. This represents the slowest job growth in six months and falls short of expectations. With the labor market shows signs of cooling and the balance between the supply and demand for U.S. workers improves, it is likely that upcoming reports will continue to reflect slow growth.
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