The total number of US citizens, who apply for unemployment benefits suddenly edged down the previous week, thus pointing to further tightening of US labor market conditions.
As a matter of fact, initial applications for state unemployment benefits went down by about 1,000 to 222,000. That’s what the Ministry of Labor informed on Thursday. For the last week data on requests was updated to display 2000 more applications obtained earlier.
Market experts foresaw that the previous week, applications would rally to 225,000. Besides this, the Ministry of Labor added that applications in Maine were assessed the previous week, while procedures for accepting appeals in Puerto Rico as well as the Virgin Islands still haven’t got back to normal after the previous year's terrible hurricanes.
Additionally, the four-week moving average of primary hits, considered to be the best gauge of labor market trends because it takes weekly volatility into account, tacked on by 2,750 to 225,500 the previous week.
Market analysts are 100% assured that the labor market has approached the level of complete employment. The number of jobs in the non-agricultural sector rallied by 223,000 jobs in May, while the unemployment rate went down to an 18-year minimum of 3.8%.
The unemployment rate that this year went down by 0,3%, is currently at the level, which, according to the estimates of the Federal Reserve, is going to be reached by the end of 2018.
Dismissals are quite low in the face of a soaring deficit of employees in all sectors of the American economy. Tuesday’s data disclosed that in April there were registered up to 6.7 million vacancies. Besides this, the number of unemployed for one job headed south to 0.9 versus the reading of March - 1.0.
ECB is ready to take the decision about the key rate. What to expect from officials? Oil prices are high, and economy indicators demonstrate the slowing down in the strongest European economies.
The Fed is going to take a decision about the interest rate. This is the crucial news for the following week. What's going on in the markets and what to expect?
Jackson Hole, ten PMI releases, and the BRICS summit. This week will be full of market movements, and we will be there to trade them. Get ready, and let’s roll!
Today's main event for the markets is the FOMC Interest Rate Decision, where the US regulator is widely expected to keep the interest rate at the same level of 5.5%.
In today's market insights, we delve into Citibank's oil price predictions, the evolving competition between Huawei and Apple, the Saudi Arabia-Tesla partnership, and the upcoming rate decisions from the world's major central banks.
It will be the hottest week of September, with four central banks’ meetings, five PMI releases, and a lot to trade.
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