DATA FLASH: US INITIAL CLAIMS SLIP, BUT STUBBORNLY ABOVE 1 MILLION
—Initial Claims -99,000 to 1.314 Mln; Pace of Decline Continues to Flatten–-Wholesale Inventories -1.2% in May, Business Inventories Tracking -2.3% By Kevin Kastner WASHINGTON (MaceNews) – The pace of initial claims gains continues to astound, with COVID-19 cases surging in several states that are causing some restrictions to be put back into place. Initial filings fell […]
UK CHANCELLOR CONFIRMS WINDING DOWN OF JOB PROTECTION SCHEME
–Announces Tax Cut to Preserve Leisure Sector Employment By Laurie LairdLONDON (MaceNews) – The UK Treasury will end its job protection programme at the end of October, raising fears of a surge in unemployment as the government furlough scheme winds down beginning in August. “The furlough scheme cannot and should not go on forever … […]
FED’S DALY/BARKIN SEE HUGE PANDEMIC-CAUSED ECONOMIC CHALLENGES STILL TO COME
By Denny Gulino WASHINGTON (MaceNews) – The presidents of the Richmond and San Francisco Federal Reserve Banks Tuesday saw huge challenges ahead as government virus response programs ebb, landlords without rent payments pressure banks, displaced workers stay unemployed and customers get less enthusiastic about visits to bricks and mortar establishments as the pandemic hangs on. […]
FED’S BOSTIC: HIGH-FREQUENCY DATA SHOW LEVELING OFF IN ECONOMY
NEW YORK (MaceNews)- Recent high-frequency economic data suggestthe recovery is slowing as virus infections rise, Atlanta Fed President Raphael Bostic said Tuesday. Bostic, in webinar remarks to the Tennessee Business Roundtable, said the economy is rebounding from its depths in the first part of the second quarter but “more recent economic data show the upward […]
BANK OF CANADA: BUSINESS, CONSUMER SENTIMENT PLUNGE ON COVID, OIL PRICE FALL
NEW YORK (MaceNews) – Canadian business and consumer sentiment dropped in response to the Covid-19 pandemic and the drop oil prices, the Bank of Canada reported Monday. The bank’s quarterly survey of businesses, conducted from mid-May to early-June, as government restrictions were starting to ease, found businesses in all regions and sectors “reported that weak […]
DATA PREVIEW: SERVICES SECTOR CONDITIONS HEADLINE LIGHT DATA WEEK AHEAD
By Kevin Kastner WASHINGTON (MaceNews) – After a very busy data week that finished off with a 4.80 million June payrolls gain and a decline in the unemployment rate to 11.1%, analysts and the markets can look forward to a three-day weekend and a very light data week ahead. Monday’s nonmanufacturing data for June starts […]
DATA FLASH: US JUNE PAYROLLS RISE BY 4.80 MLN, UNEMPLOYMENT RATE 11.1%
–Food Services, Retail Again Lead Gain; Hourly Earnings Down 1.2%–Initial Jobless Claims Fell by 55,000 to 1.427 Mln, Continuing Claims Rise–International Trade Gap Widened to $54.6 Billion By Kevin Kastner WASHINGTON (MaceNews) – The June employment report showed further, though measured, improvement, reflecting continued state reopenings. The sharp April payrolls decline the Labor Department reported […]
TEXT: STAFF BRIEFS FOMC RE YIELD CURVE CAPS, FORWARD GUIDANCE, ASSET PURCH
— Simulations Suggest Highly Accommodative Conditions ‘For Many Years’ WASHINGTON (MaceNews) – The Federal Open Market Committee most recent meeting saw participants discuss all the pandemic-related effects and probabilities already covered in Fed speeches and comments since. However the FOMC minutes released Wednesday also had a unique disclosure, the staff briefing for participants on yield […]
DATA FLASH: US JUNE CONFIDENCE UP; COVID REBOUND COULD HIT JULY
By Kevin Kastner WASHINGTON (MaceNews) – The Conference Board’s U.S. consumer confidence index rose solidly to a reading of 98.1 in June from a downward revised 85.9 reading in May, but a resurgence of COVID-19 cases at the end of the month and the dwindling effects of the stimulus payments suggest another increase in July […]
DATA PREVIEW: WILL EMPLOYMENT REPORT PROVIDE EARLY FIREWORKS?
By Kevin Kastner WASHINGTON (MaceNews) – Before the Fourth of July holiday, there are plenty of opportunities for the June U.S. data to create further buzz after a partial recovery in May. The employment report released Thursday – early because of the pending holiday – is undoubtedly the highlight of the week ahead of Friday’s […]