There were 286,000 initial claims for unemployment benefits in the US during the week ending January 15, data published by the US Department of Labor (DoL) revealed on Thursday. This reading followed last week’s print of 231,000 (revised up from 230K) and was well above consensus market expectations for 220,000. …
Read More »Biden Urges Fed To Recalibrate Support For US Economy
During a news conference in the East Room of the White House in Washington, D.C., US President Joe Biden on Wednesday said it is appropriate for the Federal Reserve to recalibrate the support it provides to the US economy, given the strength of the recovery and recent price increases.“Given the …
Read More »WTI Crude Hits Highest Price Since 2014
Iraq-Turkey pipeline outage has sparked fresh supply concerns. WTI crude has hit $87.82 for the first time since September 2014 on Wednesday. A momentary outage of an Iraqi-Turkish pipeline was attributed as driving the most recent oil price gains.But the broader themes of tighter than expected market conditions and rising …
Read More »US Retail Sales Slide by 1.9% in December
US Retail Sales fell by 1.9% MoM in December, according to data published by the US Census Bureau revealed on Friday. That was well below market expectations for a MoM decline of -0.1% and marked a sharp deceleration from November’s growth rate of 0.2% (downwardly revised from 0.3%). That meant …
Read More »US: Weekly Initial Jobless Claims Rise to 230K
There were 230,000 initial claims for unemployment benefits in the US during the week ending January 8, data published by the US Department of Labor (DoL) revealed on Thursday. This reading followed last week’s print of 207,000 and came in above consensus market expectations for 200,000. to be updated …
Read More »US Annual CPI Inflation Rose to 7.0% in December
Inflation in the US, as measured by the Consumer Price Index (CPI), rose to 7.0% on a yearly basis in December from 6.8% in November, the US Bureau of Labor Statistics reported on Wednesday. That was in line with the median economist forecast for a reading of 7.0%. The MoM …
Read More »Powell: US Economy Able to Address Current, Future Covid-19 Waves
Fed Chair Jerome Powell, speaking at the Senate hearing for his re-nomination, reiterated on Tuesday that he expects the economy to be able to deal with the current and future Covid-19 outbreaks. He also noted that inflationary pressures are set to remain elevated well into 2022. Jerome Powell, added that …
Read More »Fed’s Clarida Announces Resignation
Fed policymaker Richard Clarida announced on Monday that he would resign from his post as Vice Chairman of the FOMC on Friday, two weeks before his term on the central bank’s board of governors had originally been scheduled to end. His announcement of early resignation follows a recent increase in …
Read More »Tuesday’s Powell Testimony Remarks Released
Federal Reserve Jerome Powell will appear before the Senate for his official reappointment hearing on Tuesday. In prepared remarks he will state that the “economy is expanding at its fastest pace in many years, labor market is strong”. On Monday, Powell’s prepared remarks for reappointment confirmation hearing were released. Powell …
Read More »Canada: Economy Adds 54.7K Jobs in December
The Canadian economy added 54.7K jobs in the month of December, above expectations for a 27.5K gain, though still a marked deceleration from the 153.7K jobs added in November, according to the latest release from Statistics Canada released on Friday. Canada saw 122.5K new jobs in full-time employment, whilst part-time …
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