Macro Briefing: 05 February 2025

US job openings fell to a three-month low in December. The downshift highlights an ongoing slide in openings, which suggests that the labor market’s expansion will continue to slow. The job-openings data “is consistent with the Fed’s view that the labor market is healthy enough to tolerate a more cautious approach to lowering rates, particularly given the uncertainty surrounding tariff policy, says Nancy Vanden Houten, lead U.S. economist at Oxford Economics.

President Trump says the US should take over Gaza. Speaking with Israeli Prime Minister Netanyahu at his side during a White House press conference, he explains: “We’ll own it, and be responsible for dismantling all of the dangerous, unexploded bombs and other weapons on the site.” Trump advises that all Palestinians currently living in Gaza — roughly 2 million people — should leave and move to other countries in the Middle East, including Jordan and Egypt.

US factory orders fell more than expected in December. New orders for US manufactured goods decreased by 0.9% in 2024’s final month after declining by a downwardly revised 0.8% in November.

China’s factory activity in January unexpectedly contracted, according to PMI survey data. The services PMI is still posting a modest pace of growth, although the rate of expansion slowed last month via the official purchasing managers’ index published by the National Bureau of Statistics.

Gold continues to rise, reaching another record high on Tuesday–nearly $2876 an ounce.

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