New York manufacturing contraction adds fuel for rate cut

(Reuters) – U.S. stocks turned lower on Thursday as the first contraction in the manufacturing sector in nearly a decade and uncertainty about future interest rate cuts overshadowed an initial.

NEW YORK, Dec 15 (Reuters) – Long-dated U.S. government debt prices rose on Monday, as the stock market slipped ahead of a Federal Reserve meeting that is widely expected to send key short-term.

U.S. labor costs rose at their slowest pace in 1-1/2 years in the second quarter, the latest sign of benign inflation that enabled the Federal Reserve to cut interest rates on Wednesday for the first time since 2008. Manufacturing activity in the Midwest contracted for a second straight month in July

Stocks pared slight gains after data showed U.S. manufacturing industries recorded their first month of contraction in almost.

Interest-rate sensitive bank stocks gained as central bankers toned down expectations of aggressive rate cuts. Leading gains on the S&P 500 was Nordstrom Inc ( JWN.N ), up 15.4%, as it joined Target Corp ( TGT.N ) and Lowe’s Cos Inc ( LOW.N ) this week in delivering a quarterly profit beat and bolstering confidence in consumer demand.

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The dovish trend is picking up steam as central banks in New Zealand, Thailand, and India all announce larger-than-expected cuts to their benchmark interest rates. New Zealand delivered double the expected reduction at 50 basis points, sending the NZ dollar plummeting.

Figures less than 50 signal contraction. 1,286.94 at the 4 p.m. close in New York. Treasuries rose, pushing down the yield on the benchmark 10-year note to 2.75 percent from 2.80 percent on July 29.

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Industrial production was up 0.4% in June, the Federal Reserve reported Friday. The increase followed a revised 0.1% gain in May, first reported as unchanged. Capacity utilization grew to 76.6% in.

The remarks gave few clues about whether the central bank will cut interest rates at its next meeting. over the possibility of recession, U.S. manufacturing industries registered their first month.

Women fill out job applications at a career fair in Brooklyn, New York. Photograph. a seasonally adjusted annual rate of 4.0% in the second quarter, the Commerce Department said Wednesday, bouncing.

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Although New York’s manufacturing sector is neither the main driver of economic activity in the state or the country, the weak reading may add fuel to the case of those in the market calling for.