Average hourly earnings rose 0.2% from the prior month - less than forecasts for the second straight 0.3% gain - while the jobless rate increased to 4% from 3.8%, the first rise in nearly a year. There were gains in professional and business services employment as well as leisure and hospitality. The retail industry's woes were also reflected in employment, as vendors cut 21,600 positions, the biggest drop since December.
Meanwhile, stopping Iranian oil sales would take 2.4 million barrels a day off world markets. The OPEC Monopoly must remember that gas prices are up & they are doing little to help. Investors had questions as "to whether Saudi Arabia and Russian Federation could or would really be able to ramp production quickly enough", said Rob Haworth, who helps oversee US$151 billion at U.S.
Further sanctions on oil and transactions with the central bank of Iran will come into effect November 6. Rouhani had Thursday told French President Emmanuel Macron by phone that the Europe-led offer of economic measures did "not meet all our demands", Iran's state news agency IRNA reported.
Major currencies marked time on Wednesday and the Chinese yuan recovered from 11-month lows after authorities took steps on Tuesday to calm financial markets rattled by trade war worries, report Agencies. market. Officials in China, the epicenter of the global trade row, have warned the United States that the tit-for-tat tariffs on each others' goods will ultimately prove detrimental for American businesses and jobs.
The US president tweeted on Saturday that the Saudi king had agreed to raise production to cut the cost of oil for consumers. The fall came as the Russian Energy Ministry said on Monday that the country's oil output increased to 11.06 million barrels per day in June from 10.97 million barrels per day in May.
The cartel, in partnership with Russian Federation, has restricted oil supply for over a year to support the price per barrel after a period of sharp decline from recent highs, which caused economic turmoil for member states. That may reduce the pressure on Saudi Arabia to keep oil prices high, said John Kilduff, partner at energy hedge fund Again Capital LLC in NY. "If Trump continues to believe that OPEC are not doing enough, we would not rule out an SPR (Strategic Petroleum Reserve) ...