The USA will publish unemployment claims on October 22 at 15:30 MT time. How to trade after the release?
American job surge decelerates in February
In February, American job surged speeded down to a five-month minimum because the weather-related boost in the previous two months faded away, staff members became more scarce, while tighter financial conditions started putting pressure on the labor market.
The tempo of hiring was firm enough, pushing the unemployment rate back below 4%.
The US Labor Department's posted moderation in employment surge. The given outcome is in line with a decelerating economy that will mark ten years of expansion in July - the longest period on record. It will probably back the Fed’s cautious approach towards further interest rate hikes in 2019.
Nonfarm payrolls managed to head north by 180,000 jobs in February. By the way, it would be the smallest ascend since September. Eventually, in December and January, payrolls tacked on by 526,000 jobs because mild temperatures backed hiring at construction sites, and also in the leisure as well as hospitality industry.
In February, temperatures became chilly that market experts told could have reversed employment gains in a number of weather-sensitive industries. Market experts are assured that the effects of a stock market sell-off along with a leap in American Treasury gains last year restrained February hiring because household wealth dived by a record $3.8 trillion, while a lot of sources of capital for businesses froze up, as follows from Fed data.
Notwithstanding the fact the American economy surged by 2.9% last year, thus demonstrating the strongest outcome for three years, in general, it lost momentum as the year was over. Business spending, homebuilding, retail sales, and exports all headed south in December, setting the American economy on a slower surge path.
The previous year, labor costs added just 1.4%, which is the smallest leap since 2016, having soared by 2.2% in 2017.
Riskier assets and gold ended last week with huge gains due to the weak US dollar’s performance. Let’s discuss what will drive the markets today.
The Federal Open Market Committee (the department of the Federal Reserve) will publish the meeting minutes on October 7 at 21:00 MT time.
The market sentiment deteriorated because of the election uncertainty and worries about rising virus cases all over the world. Let's make some analysis!
The focus of traders’ attention shifted from Brexit and the US stimulus to the coronavirus . The WHO claimed that Europe become the new Covid-19 epicenter.
Canada will publish the monthly GDP growth on October 30 at 14:30 MT time.