Market News

[weatherweenie]

Weekly jobless claims reached tumbled last week, reaching a fresh 52-year low as the U.S. jobs market climbs out of its pandemic-era hole, the Labor Department reported Thursday.
Initial claims for unemployment insurance were expected to total 211,000 for the week ended Dec. 4, according to a Dow Jones economist survey.

 

[weatherweenie]

[h=1]Weekly jobless claims total 238,000, less than expected[/h]

 

[weatherweenie]

[h=1]Payrolls gain 467,000 in January despite omicron surge[/h]

 

[weatherweenie]

The consumer price index, which measures the costs of dozens of everyday consumer goods, rose 7.5% compared to a year ago, the Labor Department reported Thursday.


That compared to Dow Jones estimates of 7.2% for the closely watched inflation gauge. It was the highest reading since February 1982.

 

[weatherweenie]

[h=1]Wholesale inflation climbed 0.8% in February, slightly lower than expectations[/h]Excluding food, energy and trade services, so-called core PPI rose just 0.2%, well below the 0.6% expectation.

 

[weatherweenie]

[h=1]Weekly jobless claims fell to 166,000 last week, the lowest level since 1968[/h]

 

[Benny7563]

For reference purposes.

 

[weatherweenie]

528,000 new jobs created.

 

[weatherweenie]

The headline consumer price index for July rose 8.5% year over year, and was flat compared to June. Economists surveyed by Dow Jones were expecting increases of 8.7% and 0.2%, respectively.

 

[James48843]

Markets apparently LOVE the lower inflation rate.

Futures now up over 1.5% before the open.

Gonna be a big UP day.

 

[weatherweenie]

Be sure to thank OPEC the next time you fill up your gas guzzler: https://www.aljazeera.com/news/2022...qJGuQsXM3Xp6QM-myHPXjcVNXfXauNoEJzRQEKvXU9Mt0

 

[weatherweenie]

[h=1]IMF cuts global growth forecast for next year, warns ‘the worst is yet to come’[/h]https://www.cnbc.com/2022/10/11/imf...cast-for-2023-warns-worst-is-yet-to-come.html

 

[weatherweenie]

The producer price index, a measure of prices that U.S. businesses get for the goods and services they produce, increased 0.4% for the month, compared to the Dow Jones estimate for a 0.2% gain. On a 12-month basis, PPI rose 8.5%, which was a slight deceleration from the 8.7% in August.


Excluding food, energy and trade services, the index increased 0.4% for the month and 5.6% from a year ago, the latter matching the August increase; excluding just food and energy, PPI was flat in September.

 

[weatherweenie]

Philadelphia Federal Reserve President Patrick Harker on Thursday said higher interest rates have done little to keep inflation in check, so more increases will be needed.
“We are going to keep raising rates for a while,” the central bank official said in remarks for a speech in New Jersey. “Given our frankly disappointing lack of progress on curtailing inflation, I expect we will be well above 4% by the end of the year.”


The latter comment was in reference to the fed funds rate, which currently is targeted in a range between 3%-3.75%.

 

[tsptalk]

He must have wanted to buy lower.

 

[weatherweenie]

The U.S. economy posted its first period of positive growth for 2022 in the third quarter, at least temporarily easing inflation fears, the Bureau of Economic Analysis reported Thursday.
GDP, a sum of all the goods and services produced from July through September, increased at a 2.6% annualized pace for the period, against the Dow Jones estimate for 2.3%.

 

[weatherweenie]

Nonfarm payrolls grew by 261,000 for the month while the unemployment rate moved higher to 3.7%, the Labor Department reported Friday. Those payroll numbers were better than the Dow Jones estimate for 205,000 more jobs, but worse than the 3.5% estimate for the unemployment rate.

 

[weatherweenie]

Moving in the right direction!
The produce price index, a measure of the prices that companies get for finished goods in the marketplace, rose 0.2% for the month, against the Dow Jones estimates for a 0.4% increase.

 

[weatherweenie]

The producer price index, which measures final demand prices across hundreds of categories, declined 0.5% for the month, the Labor Department reported Wednesday. Economists surveyed by Dow Jones had been looking for a 0.1% decline.

 

[James48843]

Jobs report: U.S. economy adds 517,000 jobs in January,
unemployment rate falls to 3.4% as labor market surprises




U.S. job growth blew past expectations in the first month of the year as the labor market continued to breeze through inflation-fighting monetary tightening by the Federal Reserve.

The Labor Department released its monthly jobs report for January at 8:30 a.m. ET on Friday. Here are the numbers, compared to Wall Street estimates:

• Non-farm payrolls: +517,000 vs. +188,000 expected
• Unemployment rate: 3.4% vs. 3.6% expected
• Average hourly earnings, month-over-month: +0.3% vs +0.3% expected
• Average hourly earnings, year-over-year: +4.4% vs. +4.3% expected

Friday's shock report marks a sharp jump from the prior month, which saw payrolls rise by an upwardly revised 260,000. The unemployment rate slipped back down to 3.4% in January, the lowest since 1969.


more:
https://finance.yahoo.com/news/janu...market-economy-february-3-2023-125436675.html