GLOBAL AND INDIAN ECONOMIC DEVELOPMENTS

GLOBAL AND INDIAN ECONOMIC DEVELOPMENTS

Monday, July 24 2023

According to the US Bureau of Labour Statistics (7 July 2023), total nonfarm payroll employment increased by 209,000 in June’23, and the unemployment rate changed little at 3.6 percent. Employment continued to trend up in government, health care, social assistance, and construction. The jobless rates for adult men (3.4 percent), adult women (3.1 percent), teenagers (11.0 percent), Blacks (6.0 percent), Asians (3.2 percent), and Hispanics (4.3 percent) showed little change over the month. In June’23, the labor force participation rate was 62.6 percent for the fourth consecutive month, and the employment-population ratio, at 60.3 percent, was unchanged over the month.

While the ISM services has increased in June’23, the ISM manufacturing has declined. In US equity, the S&P 500 index has recently (8/6/23) increased by more than 20% cumulatively from the low of October 12, 2022. The US 2- year bond yield posted one-month low (4.60%) after temporarily rising above 5% in the previous week, whereas the US 10-year bond yield moderated back below (3.76%) where it ended 2022 (3.87%) after the temporary spike above 4% in the previous week.

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