ECONOMICS

By Noi Mahoney of FreightWaves

As union dockworkers began striking against employers at East and Gulf Coast ports early Tuesday morning, reports of panic-buying at supermarkets almost immediately started spreading across social media.

Video clips posted by social media users on X and Facebook showed people rushing to buy water, toilet paper, paper towels and other items at supermarkets and retailers across the U.S. 

“Are people already panic buying because of the Port (more…)

In the first major labor market indication since The Fed slashed rates by 50bps (because the economy is doing so well?), ADP's Employment report showed a much bigger than expected increase in jobs (+143k vs +125k exp vs +103k prior)…

Source: Bloomberg

That was above all but one of the economists' estimates…

Source: Bloomberg

Job creation showed a widespread rebound after a five-month slowdown. Only one sector, information, lost jobs. (more…)

One month after the "catastrophic" August JOLTS report presaged the ugly September jobs report,  which in turn prompted the Fed to cut a "jumbo" 50bps and spooked markets that a recession was imminent, moments ago the BLS reported that in September (as a reminder, the Job Openings and Labor Turnover report lags the Payrolls report, which is due on Friday, by one month), job openings unexpectedly jumped by 329K from an upward revised 7.711 million in July (up from 7.673 (more…)