IEA: Oil Demand Slowing Drastically Amidst Oversupply Concerns
The International Energy Agency (IEA) has stated that oil demand is slowing down drastically due to the impact of the ongoing COVID-19 pandemic on the global economy.
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Sluggish wage growth persists as US labor market cools down
Wage growth for job switchers in the US is continuing to slow down as the labor market cools off, indicating a potential slowdown in overall economic growth.
Job-Hoppers Face Slowing Wage Gains as Labor Market Loses Steam
Wage gains for job-hoppers in the US are slowing down, indicating a loss of steam in the labor market. The three-month average of annual wage growth for job switchers dropped to 5.6% in August, down from 8.5% in July 2022, and is now barely higher than the wage growth seen by those who didn't change jobs last month. This decline in wage growth for job switchers suggests a slowdown in job-hopping and labor demand. The drop in the quits rate and the rise in the unemployment rate also indicate a less dynamic labor market. However, total employment remains high, signaling that the labor market is slowing but still strong.
Mixed Results for March Jobs Report in US and Canada
US jobs growth slowed in March as the economy added 916,000 jobs, down from 468,000 in February, as the Federal Reserve's tightening policies began to take effect. The unemployment rate fell to 6%, the lowest since the pandemic began, but the labor force participation rate remained unchanged at 61.5%.