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US Steel Warns Thousands Jobs at Risk Without Nippon Steel Deal
United States Steel Corp. said thousands of union jobs are at risk if a planned takeover by Japan’s Nippon Steel Corp. is blocked, given the American company would pivot away from the traditional blast furnace facilities. US Steel said Wednesday in a statement that the lack of a deal with Nippon Steel would raise “serious questions” about whether the company’s headquarters can remain in Pittsburgh. The warning echoes comments made by Chief Executive Officer David Burritt in an interview with the Wall Street Journal. Moving the head office would deprive the Pittsburgh area of jobs, tax revenue, and ... (full story)
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From @DeItaone|Sep 4, 2024post: BOSTIC: FED IS IN A GENERALLY FAVORABLE POSITION BOSTIC: FED MUST STAY VIGILANT TO ENSURE INFLATION RISKS CONTINUE TO WANE BOSTIC: SOFT LANDING FOR ECONOMY MAY BE WITHIN REACH BOSTIC: WE MUST NOT MAINTAIN A RESTRICTIVE POLICY STANCE FOR TOO LONG post: FED'S BOSTIC: PRICE PRESSURES ARE DIMINISHING QUICKLY AND BROADLY. post: FED'S BOSTIC: I AM NOT QUITE PREPARED TO DECLARE VICTORY OVER INFLATION AS RISKS REMAIN. post: FED'S BOSTIC: I AM NOW GIVING EQUAL ATTENTION TO MAXIMUM EMPLOYMENT OBJECTIVE AS INFLATION.Bostic: Shifting Focus to Both Sides of the Dual Mandate I am writing this a few weeks before the Federal Open Market Committee's highly anticipated September 17 and 18 meeting. Of course, I cannot and will not predict what action the Committee might take. But I will outline the evolving economic and monetary policy environment as I see it. And I would like to home in on one particularly timely dynamic: the balancing of my risk outlook as it pertains to the Committee's dual mandate of price stability and maximum employment. I have focused mainly on the price stability side of the mandate since inflation spiked in 2021, as we were clearly further from that goal than from the goal for maximum employment. But as the labor market has cooled in recent months, the balance of risks has shifted, and I am today giving basically equal attention to the maximum employment objective. The labor market continues to weaken, but it is not weak. The unemployment rate has ticked up this year, yet at 4.3 percent is just a smidge above the Committee's long-run projection of 4.2 percent. Monthly job creation paints a similar picture. The 12-month moving average was a still-healthy 209,000 new jobs a month through July 2024. But that number has steadily declined from a 12-month average of 264,000 in July 2023. (I will note that the Bureau of Labor Statistic has signaled that these growth numbers are likely to be revised downward in the next benchmark revision, in February 2025.) Another key metric, the number of hires as a percentage of employment, or the hires rate, has retreated to roughly the prepandemic trend. And job openings across the economy remain above levels that prevailed before 2020, but are down substantially from the peaks of 2022. Given those data, it is not surprising that the once-yawning gap between high labor demand (employed people plus job openings) and lower labor supply (employed plus the unemployed) has gradually narrowed to under 1.5 million in June from more than 5
From bls.gov|Sep 4, 2024|24 commentsThe number of job openings was little changed at 7.7 million on the last business day of July, the U.S. Bureau of Labor Statistics reported today. Over the month, hires changed ...
From bankofcanada.ca|Sep 4, 2024The Bank of Canada today reduced its target for the overnight rate to 4¼%, with the Bank Rate at 4½% and the deposit rate at 4¼%. The Bank is continuing its policy of balance sheet normalization. The global economy expanded by about 2½% in the second quarter, consistent with projections in the Bank’s July Monetary Policy Report (MPR). In the United States, economic growth was stronger than expected, led by consumption, but the labour market has slowed. Euro-area growth has been boosted by tourism and other services, while manufacturing has been soft. Inflation in both regions continues to moderate. In China, weak domestic demand weighed on economic growth. Global financial conditions have eased further since July, with declines in bond yields. The Canadian dollar has appreciated modestly, largely reflecting a lower US dollar. Oil prices are lower than assumed in the July MPR. post: MACKLEM: WE NEED TO INCREASINGLY GUARD AGAINST RISK THAT ECONOMY IS TOO WEAK AND INFLATION FALLS TOO MUCH post:
BANK OF CANADA LOWERS O/N INTEREST RATE TO 4.25% **BOC CITES CONTINUED EASING IN BROAD INFLATIONARY PRESSURES **BOC: EXCESS SUPPLY IN ECONOMY CONTINUES TO PUT DOWNWARD PRESSURE ON INFLATION, WHILE PRICE INCREASES IN SHELTER AND SOME OTHER SERVICES ARE HOLDING INFLATION UP… post: 
BOC'S GOV. MACKLEM: IF INFLATION CONTINUES TO EASE BROADLY IN LINE WITH OUR JULY FORECAST, IT IS REASONABLE TO EXPECT FURTHER RATE CUTS.Bank of Canada cuts interest rates for 3rd-straight month The Bank of Canada has cut its key interest rate for the third straight time, bringing it to 4.25 per cent. It was widely expected that the central bank would lower its key policy rate by a quarter of a percentage point to 4.25 per cent — which would mark its third consecutive rate cut. That’s despite economic growth coming in stronger than the Bank of Canada expected in the second quarter. Statistics Canada says the economy grew at an annualized rate of 2.1 per cent for that quarter. But real gross domestic product continued to shrink on a per-person basis, marking the fifth consecutive decline. Economists typically look at GDP per capita to assess the standard of living. Overall economic growth also halted toward the end of the quarter as real gross domestic product was essentially unchanged for June. A preliminary estimate suggested the economy remained flat in July as well. “Growth in the Canadian economy was modestly better than expected in Q2, but weak momentum heading into the third quarter gives ample reason for the BoC to continue cutting interest rates,” CIBC
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From bankofcanada.ca|Sep 4, 2024Good morning. I’m pleased to be here with Senior Deputy Governor Carolyn Rogers to discuss today’s policy announcement. Today, we lowered the policy interest rates by 25 basis ...
From youtube.com/bankofcanadaofficial|Sep 4, 2024Governor Tiff Macklem and Senior Deputy Governor Carolyn Rogers answer reporters’ questions following the policy rate decision.
From @financialjuice|Sep 4, 2024post: BOC'S GOV. MACKLEM: THERE WAS STRONG CONSENSUS FOR A 25 BASIS POINTS CUT. post: BOC'S MACKLEM: WE DID DISCUSS DIFFERENT SCENARIOS, INCLUDING SLOWING THE PACE OF CUTS AND ALSO A 50 BPS CUT post:
BOC'S MACKLEM: NOT SEEING BIG IMPACT ON EXCHANGE RATE FROM DIVERGENCE WITH U.S. FED ON RATES post: BOC'S GOV. MACKLEM: WE NEED TO SEE CANADIAN GROWTH ABOVE 2%, AND THE NEED FOR MORE GROWTH FACTORED INTO OUR POLICY DECISION.
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- Posted: Sep 4, 2024 10:09am
- Submitted by:Category: Fundamental AnalysisComments: 0 / Views: 138
