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On October 29th, market analyst Giuseppe stated that ADP released its four-week U.S. employment data for the period ending October 11, 2025, showing an average weekly increase of 14,250 jobs, which translates to approximately 57,000 jobs added over those four weeks. The Dallas Fed estimated in early October that the current break-even point was around 30,000 jobs per month, making 57,000 significantly higher. Given the lack of government data, the strong rebound signal from ADP could make Fed Chairman Powell more cautious in hinting at a December rate cut. If so, it would be seen as a hawkish surprise and significantly impact the market. Furthermore, Waller, one of the most dovish Fed governors and a candidate for Fed Chair, has also stated that the ADP data is one of his reasons for supporting a rate cut. Recently, he stated, "I still believe in a rate cut, but we need to be cautious about it."On October 29th, Giuseppe Dellamotta, an analyst at the US financial website InvestingLive, stated that he expects the Bank of Canada to cut interest rates by 25 basis points to 2.25%, which is the lower end of his estimated neutral interest rate range (2.25%-3.25%). The market still believes that the Bank of Canada is very likely to end this rate-cutting cycle at 2.00% sometime in 2026. At the press conference, Bank of Canada Governor Macklem is not expected to provide any clear forward guidance. Recent expectations of a rate cut have solidified, mainly due to some dovish comments from Macklem and the renewed tensions between the US and Canada over tariffs. While we all know that the US and Canada will eventually reconcile, for now, this risk should give the Bank of Canada reason to be dovish. If the Bank of Canada keeps rates unchanged, this would be seen as a hawkish surprise, and the Canadian dollar should strengthen across the board. However, in the current context, surprising the market may not be a good thing for the bank.Indias HMEL has suspended further purchases of Russian crude oil.On October 29th, Pansen Macroeconomics economists stated in a report that the Bank of England is likely to vote to keep interest rates unchanged on November 6th. This is likely to be a close decision, with the Bank of England possibly voting 6-3 to maintain the rate at 4.0%. With UK inflation appearing to be slowing, the Bank of England may also signal a rate cut in December. Data shows that the market expects a 39% probability of a rate cut in November and a 74% probability in December.Indian Trade Minister Piyush Goyal: India and the EU are working to reach a balanced trade agreement.

Washington Governor Legislates Uber and Lyft Driver Compensation

Charlie Brooks

Apr 01, 2022 09:57

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Drivers will receive a minimum of $1.17 per mile and 34 cents per minute, with a minimum salary of $3.00 each trip.


Drivers will also have access to paid sick time, family medical leave, and long-term care programs, as well as workers' compensation, a government-mandated program that compensates employees who are injured or ill on the job in the United States. Drivers will also have the option to dispute their removal from the applications.


In Seattle, which adopted its own ride-hailing pay guideline in September 2020, drivers will continue to receive a minimum of $1.38 per mile and 59 cents per minute, for a total of at least $5.17 every trip.


The measure, which was backed by Uber and Lyft, eliminates local regulatory authority by prohibiting cities and counties from imposing extra restrictions on businesses.


Additionally, the rule stipulates that ride-hailing drivers are not considered workers, a point of contention for certain labor organizations and gig economy businesses such as Uber and Lyft. The gig economy's employers, who employ independent contractors, oppose any reclassification, while some labor organizations contend that drivers should be classified as employees with enhanced benefits.


"This new legislation provides drivers what they want - the ability to maintain their independence while obtaining unprecedented new perks and protections," Ramona Prieto, Uber's director of public policy in the Western United States, said in a statement. Uber anticipated the rule will be copied in more cities, states, and nations, she said.


"Drivers won this victory because labor groups, politicians, and app-based firms listened to them and then collaborated to pass a historic bill that benefits them," Jen Hensley, Lyft's director of government relations, said in a statement.


The Teamsters union Local 117, which also pushed for the Seattle wage norm, backed the new Washington legislation.


Prior to this regulation, only Seattle and New York City had established minimum wage guidelines for ride-hailing drivers in the United States.


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