Surprise Gain in Jobless Claims Shows U.S. Labor Market Churn
“Applications for U.S. state unemployment insurance rose unexpectedly last week by the most since late March, underscoring week-to-week volatility in an otherwise improving labor market. Initial jobless claims in regular state programs totaled 419,000 in the week ended July 17, up 51,000 from the prior week, Labor Department data showed Thursday. The median estimate in a Bloomberg survey of economists called for 350,000 new applications.”
ECB Revamps Guidance in Push to Hit Higher Inflation Goal
“The European Central Bank revised its guidance on when interest rates might rise, saying it will persist with ultra-loose monetary stimulus until it has solid evidence that it can sustainably hit its new inflation goal. The move allows policy makers to keep rates at a record low for longer and extend bond buying. They also said they won’t necessarily react immediateley if inflation overshoots their target for a period. The new language follows an 18-month strategy review by the ECB, which saw it raise its inflation goal to 2% from just-under 2%.”
U.S.-China Trade Booms as If Virus, Tariffs Never Happened
China and the U.S. are shipping goods to each other at the briskest pace in years, making the world’s largest bilateral trade relationship look as if the protracted tariff war and pandemic never happened.
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