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The previous week the overall number of US filing for unemployment benefits managed to rebound from a more than 48-year minimum, although the trend kept pointing to firm labor market conditions.
It was underscored by Thursday’s other data disclosing that job trims announced by American employers went down 20% in February. Fed officials actually consider the labor market to be close to or a bit beyond full employment. The tight jobs market is spurring wage surge and driving inflation.
By March 3, initial claims for state unemployment benefits edged up 21,000 to a seasonally updated 231,000, as the Labor Department informed. The previous week, claims went down to 210,000 and it appeared to be the lowest outcome since December 1969.
Market experts surveyed by Reuters had predicted claims tacking on to 220,000 in the latest week. As a matter of fact, it turned to be the 157th straight week claims were still below the 300,000 threshold, reportedly due to a firm labor market. It’s considered to be the longest expansion since 1970, but the labor market turned to be much smaller at that time.
The claims data hasn’t influenced February's employment news, scheduled for the publication on Friday. It’s because the report actually falls outside the poll period. In February, claims generally headed south and many experts are waiting for another month of sturdy job surge.
The evergreen buck held at bit lower levels versus a group of currencies after the report. Additionally, prices for American Treasuries were nearly intact. As for American stock futures, they stood still too.
In addition to this, the four-week moving average of initial claims, widely considered to be a good indicator of labor market trends, soared 2,000 hitting 222,500 the previous week.
According to the claims report, the overall number of folks getting benefits after an initial week of aid went down 64,000 reaching 1.87 million by February 24.
Fed Chair Jerome Powell will testify today at 19:05 MT time. This event is crucial for traders as the tone of the speech may set the risk tone for the markets for the next two weeks.
Non-farm payrolls, the most awaited economic report, will be out on March 5 at 15:30 MT time.
Australian GDP rose by 3.1%, exceeding analysts’ forecasts of 2.5%. The Australian dollar climbed after the release, but then joined its peers in falling against the USD.
Great news for oil bulls! OPEC and its allied producers agreed to expand output cuts for the next month.
The USD skyrocketed after Fed Powell’s speech. OPEC and allied producers agreed to extend production cuts for another month. Oil surged.
The European Central Bank publishes its monetary policy statement that includes an announcement of the interest rate on March 11, at 14:45 MT time.
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