In the USA, the situation on the labor market has deteriorated at least temporarily due to the consequences of tropical cyclones and a strike at the aircraft manufacturer Boeing. The data is therefore considered distorted and has therefore only moved the euro briefly.
“If you exclude the special effects, job growth continues to be robust,” wrote Thomas Gitzel, chief economist at VP Bank. Despite the low job growth, there are still no clear weaknesses visible. The labor market reflects the robust development of the US economy. According to the expert, despite the interest rate increases implemented by the US Federal Reserve, there are currently no signs of economic slowdown.
The focus was also on a highly regarded purchasing manager barometer, the ISM index. The mood in US industry deteriorated surprisingly in October, as the Institute for Supply Management announced. Demand remains subdued. Companies remain reluctant to invest in capital and inventories due to concerns about a resurgence in inflation.
The players on the financial markets are already looking forward to the US election next Tuesday. A neck-and-neck race between Democrat Kamala Harris and Republican Donald Trump is still expected. According to experts at ING Bank, efforts have already begun to cautiously price in a Trump victory in recent weeks. The associated chance of tax cuts and tariff increases is widely seen as a sign of a stronger dollar, economist James Smith wrote on Friday./la/ngu/tih/he
ISIN EU0009652759
AXC0172 2024-11-01/20:08
