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Week ends with strong jobs report

Week ends with strong jobs report

Week ends with strong jobs report

The United States Labor Department released its jobs report for the month of July on Friday morning, showing that the US is in fact still chugging along in strong fashion. The change in Non-Farm Payrolls came out at an addition of 943,000 jobs for the month, versus the anticipated 865,000. The June number was revised to an addition of 938,000. The unemployment rate fell to a level of 5.4% versus the 5.7% expected and was revised for a 5.9% reading for June.

Average hourly earnings month to month were up 0.4% versus 0.3% expected, and the June reading of 0.3% was in fact confirmed. Average hourly earnings year on year came in at an addition of 4.0%, versus the anticipated 3.9% expected and 3.6% in the month of June. With a reading of 943,000, payrolls last month grew by the most since August 2020, and job growth was upwardly revised for May as well, coming in at 614,000 versus the 583,000 previously reported.

However, the economy is still trying to recoup millions of jobs lost since the start of the pandemic. On net, the economy has shed 5.7 million jobs since March of last year, with much of this deficit still present in the leisure and hospitality industries. That being said, leisure and hospitality was the leader in bringing back jobs last month, with payrolls rising 380,000 to comprise more than 1/3 of the total July jobs gains.

 

Digital dollar being opposed by second Fed official

Digital dollar being opposed by second Fed official

Alibaba has released its earnings per share in the last quarter, beating analyst expectations even as earnings had missed estimates. The Chinese e-commerce giant as announced that it would also increase its share buyback program from $10 billion-$15 billion. While Alibaba notched revenue of 205.7 billion Chinese Yuan, roughly $32 billion, for the quarter, the company reported revenues that fell short of analyst estimates of closer to 251 billion Chinese Yuan. That being said, traders are focusing more on the slowing rate of growth, just as we have seen in Amazon, as the reopening trade is starting to affect a lot of the online retailing going forward. The company did report for the second quarter that the Alibaba Ecosystem reached 1.18 billion users, an increase of 45 million from the previous quarter, which includes 912 million consumers in China.

Saudi Aramco hikes oil prices to Asia for second month in a row

Saudi Aramco hikes oil prices to Asia for second month in a row

The world’s largest exporter, Saudi Arabia, raised pricing on Wednesday for its official selling price is a crude oil to Asia in September, for the second month in a row as Middle East oil benchmarks continue to rise. Saudi Aramco lifted its official selling price for its Arab Light grade for Asia by $0.30 a barrel to a premium of $3 a barrel above the Dubai/Oman benchmark, the most common pricing mechanism of oil going to Asia.

Oil prices have been rising over the last several months but have seen quite a bit of volatility of the last couple of weeks. This is a sign of confidence by the producers that the demand for crude oil should continue to strengthen throughout the rest of the year.

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