While there have been signs of slowing in US economic growth data, corporate America is talking less about the threat of a looming recession.
U.S. workers are growing more sour with their employment compensation, according to a survey released on Monday by the New York Federal Reserve. In its Survey of Consumer Expectations Labor Market Survey for July, the regional Fed bank said that as of last month, "satisfaction with wage compensation as well as with non-wage benefits and promotion opportunities at respondents' current jobs all deteriorated." As of July, 56.7% of respondents said they were satisfied with their pay compared to 59.9% who held the similar view in July 2023.
(Bloomberg) -- Chile’s economy contracted on a quarterly basis for the first time in a year, marking a significant downturn that bolsters the case for a resumption of interest rate cuts.Most Read from BloombergA Floating Island in Baltimore Raises Hope for a Waterfront Revival‘Train Lovers’ Organize to Support Harris and Walz in Presidential BidPart of Downtown Montreal Is Flooded After Water Pipe BreaksThe Cross-Continental Race Using Only Public TransitClimate Disasters Are an Affordable Housi
APA Corp is exploring the sale of oil and gas drilling properties spread across parts of the Permian basin of Texas and New Mexico, in a deal that could be valued at about $1 billion, people familiar with the matter told Reuters. APA, which owns the properties through its Apache subsidiary, is working with investment bankers at RBC Richardson Barr and Truist Securities on the sale process, the sources said, requesting anonymity as the discussions are confidential. The drilling assets are in different sub-sections of the Permian Basin, namely the Northwest Shelf, the Northern Shelf, and the Central Basin Platform in New Mexico and Texas.
The U.S. Federal Reserve will cut interest rates by 25 basis points at each of the remaining three meetings of 2024, one more reduction than predicted last month, according to a slim majority of economists polled by Reuters who said a recession is unlikely. The change in Fed rate cut calls follows a weaker-than-expected July U.S. jobs report, which encouraged interest rate futures traders to price in as much as 120 basis points of reductions in 2024 earlier this month. Although some Fed officials have hinted rate cuts are coming, most economists in the Aug. 14-19 Reuters poll were not expecting a rapid series of rate cuts.
The Democratic presidential candidate outlined her economic agenda in her first major policy speech.
"The balance of risks has shifted, so the debate about potentially cutting rates in September is an appropriate one to have," Kashkari told the Journal in an interview. Kashkari's comments come after St. Louis Fed President Alberto Musalem and Atlanta Fed President Raphael Bostic made remarks that gravitated toward an interest rate cut next month.
