December 8, 2023
United States:
US Unemployment Rate to Tick Up Amid Early Signs of Recession
A monthly Bureau of Labor Statistics report due Friday is set to show the US unemployment rate edged higher in November as the economy began to slip into a recession, according to Bloomberg Economics.
Alongside a rise in the unemployment rate, to 4% from 3.9%, the figures will probably also reveal a temporary rebound in employment growth thanks to the resolution of two major strikes, Bloomberg economists Anna Wong and Stuart Paul said Thursday in a preview of the report.
Europe:
ECB to Clash With Markets Over Rate-Cut Timing, Survey Shows
The European Central Bank won’t lower interest rates as soon or as quickly as investors think, according to a Bloomberg survey of economists that suggests policymakers will push back against current market bets.
Officials will maintain borrowing costs for a second meeting on Dec. 14 and keep them there until June, when they’ll make the first of three quarter-point cuts in 2024, respondents said. They’d previously anticipated an initial move in September.
Asia:
Yen Fluctuates as Focus Shifts From BOJ Speculation to US Data
The yen fluctuated, giving up most of Friday’s advance as focus shifted from speculation of a near-term policy shift by the Bank of Japan to US jobs data due later in the day.
The currency fell about 0.4% to 144.62 against the dollar as of 11:30 a.m. in London after advancing as much as 1.1% earlier. The moves follow an almost 4% jump during the previous New York session.
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