Local time on Tuesday, the latest released data on U.S. retail sales for September and the producer price index for September indicate that U.S. consumer spending growth is slowing, core inflationary pressures on the production side have rebounded, but the intensity is not as expected. On the same day, a report from Automatic Data Processing Inc. showed that the U.S. private sector has cut an average of 13,500 jobs per week over the past four weeks, with the pace of layoffs significantly increasing.
A series of data corroborates the recent judgments of several Federal Reserve officials who support interest rate cuts, indicating that the momentum of U.S. economic growth is weakening, inflation is moderately rebounding, and the risks in the job market are increasing. On that day, reports about White House National Economic Council Director Hassett leading the race among candidates for the next Federal Reserve Chair boosted market expectations for a Federal Reserve rate cut, and the three major U.S. stock indexes collectively rose on Tuesday. By the close, the Dow Jones Industrial Average rose 1.43%, the S&P 500 index rose 0.91%, and the Nasdaq rose 0.67%.
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