by JustForex
On Thursday, there was news about the increasing number of jobless claims in the United States. The indicator reached a four-week high, indicating continuing problems in the labor market. While the coronavirus pandemic is showing signs of decline, recruitment remains subdued in various sectors of the economy.
According to the Ministry of Labor, the number of initial jobless claims was 861,000 for the week, up 13,000 from the previous week. The numbers indicate that the labor market may be recovering more slowly than it was previously considered, as initial jobless claims haven’t been showing any sustained decline over five months. At a time when the manufacturing and service sectors are close to pre-crisis levels and even overpass them, millions of Americans remain unemployed.
The Manufacturing Index of the Federal Reserve Bank of Philadelphia in the USA fell to 23.1 in February from 26.5 in January. The current index reflects a slowdown in the growth of new manufacturing orders and shipments. Leading indicators have also declined, but continue to indicate that companies are expecting growth in the next six months.
Against this background, the dollar has decreased, and the shares are showing multidirectional trading. US futures continued to decline after Thursday’s Wall Street plunge. The MSCI World Equity Index demonstrated its first weekly decline since January. At the same time, the European contracts showed growth. Benchmark US Treasuries yields remain close to 1.30%.
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- – Australia Retail Sales (m/m) (Jan) at 02:30 (GMT+2);
- – UK Retail Sales (m/m) (Jan) at 09:00 (GMT+2);
- – German Manufacturing PMI (Feb) at 10:30 (GMT+2);
- – Eurozone Manufacturing PMI (Feb) at 11:00 (GMT+2);
- – UK Services PMI (Feb) at 11:30 (GMT+2).
by JustForex
This article reflects a personal opinion and should not be interpreted as an investment advice, and/or offer, and/or a persistent request for carrying out financial transactions, and/or a guarantee, and/or a forecast of future events.
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