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3000 jobs will be cut under bains new ownership. Bain capital ownership, which in addition to these details relating to jobs, we are also expecting to hear about aircraft fleet and the future as well, this after bain bought Virgin Australia in what is a pretty bold that on an industry that has been shattered by the travel restrictions and the coronavirus pandemic. Virgin australia committed to regional and charter flying. Of targetsindication and priorities when they are restructured in addition to 3000 jobs being cut. Also getting data out of australia. Manufacturing pmi, services as well as composite index coming through. Dropping from that preliminary number for july. The composite number of 67. 8 also a little bit weaker. The performance of Construction Index coming in at 42. 7, higher than 39. 5. Lets take a look at the aussie dollar. Largely to do with the situati ....
I dont think it is that problematic, but it is telling if there different players in different parts of the yield curve. It is not just the shape of the u. S. Curve. It is the differentials in other curves as well. Thats a testament to the influence of other Central Banks. The rest of the world is still printing money. Ecb, bank of japan. They promises they will do that until september of next year. It is hurting duration and credit risks. They ultimately end up in the u. S. , and that is a very important driver. One of the weirdest things as we are doing it against the backdrop of the fed and potential tax cuts next year. You got hundreds of billions of extra supply coming into the u. S. Market next year. My guess it will be much more difficult for the curb to continue to flatten in the next year. If i dont get some pickup in inflation and the fed stays, two years it will go higher in the curb will go flat. Jonathan joining me in ....
Be ironed out. Behind closed doors, negotiations are underway to get to 50 votes. For more on the latest, we are joined from washington. Welcome back to the program. Give us a sense of what is going on right now. We heard over the weekend that senator collins of maine was expressing concerns. The real action is going on behind closed doors. A lot of the debates you see to they as it relates tax bill is mostly theater. The real negotiations are between Republican Leaders in the house need to keep 218 votes. In the sen. S the senate need to have 51 votes. That didnt work when they try to repeal the Affordable Care act. They want to succeed here. They are going over various senators whoding are worried about the individual mandate repeal and high premiums. Others have concerns about red ink in the deficit. That is not sitting well with people like senator corker. As stop th ....
That makes some sense to me. They are not systemically important. I dont know what that would be. My strong preference would be we continue to add meaningful stress testing for them. Its a successful tool. Warren i want to followup on the question about full employment. Congress gave the Federal Reserve a dual mandate, to pursue maximum employment and keep prices stable. The Unemployment Rate is 4. 1 . 4 in thet will get near future. An Unemployment Rate this low would have been considered full employment. That would be good news for the workers. That should be accompanied by higher wages. Wages of barely budged. Let me start by asking, given that wage growth is so weak, is the labor market full employment . Jerome powell full Employment Concept sort of p ....