A rally on Wall Street has sent Australian stocks higher, while a drop in the US monthly job openings fuels interest rate optimism. Follow the latest updates in our live blog.
Key US jobs data began approaching pre-pandemic levels in July, a sign of the sort of employment market cooling Federal Reserve officials hope can lower inflation without a sharp rise in the unemployment rate.
The Labor Department's Job Openings and Labor Turnover Survey showed 2.3 per cent of non-farm payroll workers quit their jobs in July,The reading was the lowest since January 2021 , when a wave of resignations was developing, and comparable to what was seen through 2018 and 2019 when a tight job market and low inflation coexisted.Combined, the two data points suggested a drop in labor demand and an easing of hiring conditions, something the US central bank feels is necessary to continue lowering inflation and easing the pressure for wage hikes.
The hope among policymakers is for that adjustment to happen without the sharp rise in unemployment that has accompanied prior Fed efforts to tame inflation with interest rate increases meant to slow the economy.
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