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MacroBusiness Thursday, July 18, 2024 - 11:48 Source

The official ABS labour force survey continues to defy nearly every other labour market measure, recording strong employment growth of 50,200 in June and a solid 0.8% rise in hours worked: The number of jobs added was more than double economists’ estimates of 20,000. However, the official unemployment rate rose slightly to 4.1% (from 4.0%

The post Strong jobs data opens path for rate hikes appeared first on MacroBusiness.

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MacroBusiness Thursday, July 18, 2024 - 11:30 Source

This is ridiculous, as usual: Australian ambassador to the US Kevin Rudd has moved to shore up his standing among MAGA Republicans, texting vice president candidate J.D. Vance and meeting key Donald Trump allies as he scuttles the idea that he might be replaced under a new president. “I think you’ll find there’s a wide

The post Sack Rudd, install ScoMo in Washington appeared first on MacroBusiness.

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Renew Economy Thursday, July 18, 2024 - 11:23 Source
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Renew Economy Thursday, July 18, 2024 - 11:21 Source
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Renew Economy Thursday, July 18, 2024 - 11:20 Source
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Renew Economy Thursday, July 18, 2024 - 11:18 Source
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The Australian Independent Media Network Thursday, July 18, 2024 - 11:13 Source

A new Oxfam report reveals how Israel has been systematically weaponizing water against Palestinians in Gaza, showing disregard for human life and international law.  The report, Water War Crimes, finds that Israel’s cutting of external water supply, systematic destruction of water facilities and deliberate aid obstruction have reduced the amount of water available in Gaza…

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MacroBusiness Thursday, July 18, 2024 - 11:00 Source

Goldman with the rub. July 17th (today) is here and typically marks the end of summer BBQ / pool /pirate themed party, for the S&P 500 since 1928. The S&P has hit 38 new all-time highs, on pace for the 2nd most closing highs in ~100 years, only 1995 is shaping up to be stronger

The post The bubble bursts appeared first on MacroBusiness.

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MacroBusiness Thursday, July 18, 2024 - 10:30 Source

The Guardian’s Greg Jericho has put together some great charts showing how the private sector job market has collapsed, while government-aligned jobs are booming. As illustrated in the next chart, jobs in the market sector recorded near zero growth in the year to March 2024, while jobs in healthcare & social services, education, and public

The post Private sector job market collapses appeared first on MacroBusiness.

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MacroBusiness Thursday, July 18, 2024 - 10:00 Source

The problem with scam GDP growth models is that they always squeeze out through the cracks. Australia’s immigration-led growth model is a great example. Despite glowing headline results, per capita output is a disaster and, over time, households cotton on that their living standards are falling. This manifests in the kind of political chaos we

The post Goodbye Chinese consumer, hello soldier appeared first on MacroBusiness.

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Renew Economy Thursday, July 18, 2024 - 09:36 Source
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MacroBusiness Thursday, July 18, 2024 - 09:30 Source

Shanghai rebar was belted yesterday and is well into the 3200-3400 critical support level. Any sustained break below here and we are on our way back to the 2015 lows. This is my base case. The huge descending triangle pattern is very bearish if it breaks: Mad Dalian and coking coal are similar: CISA output

The post Iron ore bashed appeared first on MacroBusiness.

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MacroBusiness Thursday, July 18, 2024 - 09:00 Source

Overnight saw the NASDAQ have its biggest one session fall in over two years, losing nearly 3% all on the back of chip tech companies as they suffered some political handwaving from President Biden. In currency land, Yen came under enormous pressure with some steep buying as the USD also wavered against Euro and other

The post Macro Morning appeared first on MacroBusiness.

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The Australian Independent Media Network Thursday, July 18, 2024 - 08:57 Source

Parliament of Australia Media Release The Joint Standing Committee on Treaties will hold a public hearing today for its inquiry into the Exchange of Notes to extend the Exchange of Notes constituting an Agreement between the Government of Australia and the Government of the United States of America to Amend and Extend the Agreement concerning the Conduct of…

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MacroBusiness Thursday, July 18, 2024 - 07:49 Source

DXY was belted and EUR took off last night: AUD was pounded anyway: Even as North Asia catapulted higher: Oil and gold are up: Metals smashed: Miners look like retesting lows: EM flamed out: Junk is fine: Treasuries are bid: Stocks are not: There are lots of cross-currents here: Fed’s Williams and Waller suggested a

The post Australian dollar turns world’s whipping boy appeared first on MacroBusiness.

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Your Democracy Thursday, July 18, 2024 - 07:29 Source

Last month the major Democratic Party-aligned think tank in Washington, the Center for American Progress (CAP), announced that former New Zealand Prime Minister Jacinda Ardern will launch a new leadership program as part of the Center’s Global Progress Action initiative.

 

Former New Zealand PM Jacinda Ardern joins pro-war US think tank

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MacroBusiness Thursday, July 18, 2024 - 07:00 Source

Ahead of the Australian Bureau of Statistics (ABS) June labour force release later today, Jobs & Skills Australia published its internet vacancy index (IVI), which plunged by 4.2% in June to be down 18.1% year-on-year. It was the “strongest monthly decline since September 2022”, with online job advertisements 50,200 lower than June 2023. Recruitment activity

The post Another Aussie employment indicator crashes appeared first on MacroBusiness.

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Your Democracy Thursday, July 18, 2024 - 06:52 Source

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Your Democracy Thursday, July 18, 2024 - 06:08 Source

Embattled Secret Service Director Kimberly Cheatle - who faces calls to resign over security lapses leading to former President Donald Trump’s near-assassination - landed her role thanks largely to a close relationship with first lady Jill Biden, sources have claimed.

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MacroBusiness Thursday, July 18, 2024 - 00:13 Source

Let’s make stuff in Australia: Qenos’ last remaining manufacturing plant could be closed by as early as September as the company’s administrators prepare to hand over the site to property developers. The Australian understands final details of the closure are still to be negotiated, but industry sources say major buyers of Qenos’ products are making

The post Albo’s manufacturing circus appeared first on MacroBusiness.

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MacroBusiness Thursday, July 18, 2024 - 00:05 Source

On Wednesday, the Australian Bureau of Statistics (ABS) released data on dwelling approvals and completions for the March quarter of 2024. Only 39,715 dwellings were commenced in the March quarter, roughly one-third less than the 60,000 required to meet the Albanese government’s target of building 1.2 million homes over five years. Over the year to

The post Aussie housing construction collapses appeared first on MacroBusiness.

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Renew Economy Wednesday, July 17, 2024 - 21:58 Source
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Your Democracy Wednesday, July 17, 2024 - 20:58 Source

Vance’s top funder, Peter Thiel, co-founded the data-analytics company Palantir, which has the CIA as a client, and was an early investor in Facebook, the CIA’s “wet dream.”

Surging in the polls after surviving an assassination attempt, Donald Trump boosted his prospects of becoming the next president by nominating J. D. Vance as his vice president.

 

BY Jeremy Kuzmarov 

 

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MacroBusiness Wednesday, July 17, 2024 - 17:00 Source

Another mixed session on Asian markets with the surge on Wall Street overnight again not translating to further confidence in the region, with a much firmer USD not helping as European and US stock futures wobble into the London session. The USD is being pushed around by bullyboy Trump who doesn’t want a rate cut

The post Macro Afternoon appeared first on MacroBusiness.

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Your Democracy Wednesday, July 17, 2024 - 16:32 Source

Albanese’s advisers must have been smoking something when they decided that Australia should have envoys against antisemitism and Islamophobia. 

The British elections showed the impact of disenchantment over Gaza among Muslim voters.

 

Albo’s envoys will entrench religious and political divisions for generations   By Jack Waterford

 

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Your Democracy Wednesday, July 17, 2024 - 15:24 Source

US claims Russia threatened by ‘democracy’Washington has rejected Moscow’s call to address “root causes” of the Ukraine conflict

State Department spokesman Matthew Miller has rejected Russian Foreign Minister Sergey Lavrov’s call for resolving the “root causes” of the Ukraine conflict, arguing that Moscow illegitimately fears a “functioning democracy” in Kiev.

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Renew Economy Wednesday, July 17, 2024 - 15:19 Source
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Renew Economy Wednesday, July 17, 2024 - 15:05 Source
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Renew Economy Wednesday, July 17, 2024 - 14:35 Source
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MacroBusiness Wednesday, July 17, 2024 - 14:00 Source

A special Roy Morgan End of Financial Year (EOFY) webinar with Roy Morgan CEO Michele Levine and Nine Network Finance Editor Chris Kohler discussed Australian perspectives on corporate Australia, particularly the growing level of distrust across the economy. Distrust of any organisation or industry has skyrocketed since the pandemic began, when there was more trust

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