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The previous week the total number of US citizens who filed applications for unemployment benefits shrank from a 1-1/2-year maximum, although the dive happened to be less than anticipated, suggesting some moderation in the tempo of job surge.
The Labor Department's report pointed to firm job market conditions that should back the American economy in the face of soaring headwinds, such as a weakening fiscal stimulus boost as well as a trade conflict between China and America, no to mention decelerating surge in the EU and China.
The previous week the major US financial institution left interest rates on hold, although told it would be patient in raising borrowing costs in 2019 nodding to soaring uncertainty over the economy's outlook.
Labor market conditions are still upbeat, which is positive news for US employees, the consumer sector and the American economy in general.
As a matter of fact, initial claims for state unemployment benefits went down 19,000 to a seasonally updated 234,000 by February 2. The tumble partially unwound the previous week's rally that lifted claims to up to 253,000, which appears to be the highest outcome since September 2017.
That week claims were powered by layoffs in California in the service industry and also striking tutors in Los Angeles.
A 35-day partial government shutdown and difficulties updating the data around moving holidays such as Martin Luther King Jr. Day that took place later this year than in recent years, backed the spike in filings.
The longest shutdown in the history of America made staff members employed by government contractors come up with claims for unemployment benefits.
The shutdown concluded on January 25 right after US leader along with the country’s legislative body agreed to temporary government financing, although without funds for his US-Mexico border wall.
Last week was very interesting for the markets, as we saw the releases of the US Inflation and Disney’s earnings report. So let's see what we should await this week!
The United States will publish the Federal Open Market Committee Meeting Minutes on November 24, at 21:00 GMT+2.
Hong Kong’s HK 50 index rose and the Chinese yuan edged up as traders assess the outcome of the first virtual meeting between US President Joe Biden and Chinese leader Xi Jinping.
As Europe moves into recession, next week may provide us with some amazing trading opportunities. Here they are!
Main news that will drive the market in the upcoming week include CB Consumer Confidence Index, Canadian GDP, and US Core PCE Price Index
The Federal Reserve (Fed) will announce its Interest Rate Decision and make a statement about the future monetary policy on Wednesday, September 21, GMT+3. After the higher-than-expected inflation numbers published on September 13, there’s almost no doubt the Federal Reserve will come up with another 75-basis-point rate hike. However, surprised by the CPI numbers, several Fed members announced the possibility of a 100-basis-point rate hike on Wednesday.
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