U.S. services sector activity expanded at a brisk pace in May and industries hir...
WASHINGTON - U.S. services sector activity expanded at a brisk pace in May and industries hired more workers, offering some respite for an economy that is slowing following a temporary boost from exports and an accumulation of inventories in the first quarter.
The U.S. central bank early this year suspended its three-year monetary policy tightening campaign. Fed Chairman Jerome Powell on Tuesday said the central bank was closely monitoring the implications of the trade tensions on the economy and would “act as appropriate to sustain the expansion.” A gauge of services industry employment surged 4.4 points to a seven-month high. The ISM said while businesses in the services sector were mostly optimistic about overall business conditions, “concerns remain about tariffs and employment resources.”
Stocks on Wall Street were trading higher. The dollar was little changed against a basket of currencies, while U.S. Treasury prices were mixed.The trade tensions and fading stimulus from the White House’s tax cuts and spending increases are slamming the brakes on the economy. The Atlanta Fed is forecasting gross domestic product to rise at a 1.3% annualized rate in the second quarter.
The ADP figures came ahead of the Labor Department’s more comprehensive nonfarm payrolls report on Friday, which includes both public- and private-sector employment.
South Africa Latest News, South Africa Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Outside of Tesla, future EV sales in U.S. may be thin for most brands: studyU.S. demand for electric vehicles, including hybrids, could rise to 1.28 million...
Read more »
Exploding stars may have motivated human ancestors to walkWhen stars exploded within range of Earth 2.6 million years ago, it may have set certain things in motion that would cause human ancestors to go from swinging through the trees to walking upright, according to a new study
Read more »
Durbin alarmed that new FDA chief may 'disappoint' on e-cigsDick Durbin charged in an unusually sharp attack today that the acting FDA commissioner seemed to have 'no intention' of addressing youth e-cigarette use, which his predecessor deemed a public health epidemic
Read more »
May backs return of maintenance grants for poorer university studentsOutgoing British Prime Minister Theresa May will announce her backing on Thursda...
Read more »
Floods, tornadoes, snow in May: Extreme weather driven by climate change across USClimate scientists say this is only the beginning of what will be decades of increasingly dangerous and damaging extreme weather.
Read more »
Free from Brexit burden, PM Theresa May heads to the cricketAs the contest to replace her as prime minister gathered pace on Thursday, There...
Read more »
Missouri may become only state without legal abortion clinic - Reuters TVMissouri is poised this week to become the only U.S. state without access to legal abortions as public health officials may refuse to renew the license of the last clinic in Missouri to perform the procedure, Planned Parenthood said on Tuesday.
Read more »
‘Socially responsible’ investors may have unwittingly backed police-state surveillance in ChinaSeveral ESG-oriented money managers hold the high-performing shares of Hangzhou Hikvision, despite allegations that it has abetted human rights abuses.
Read more »
The Daily 202: Trump may have been lucky to be investigated by Mueller — and five other takeawaysAnalysis: Trump may have been lucky to be investigated by Mueller — and five other takeaways
Read more »
An inflation reading on Friday could determine how May ends for the stock and bond marketsInflation data is a wild card for the markets Friday, as traders watch to see if the economy is trapped in a period of sluggish price increases.
Read more »
New front in trade war means Fed's dry powder may get burnedThe U.S. Federal Reserve's hesitance to react to world trade tensions may h...
Read more »