May 1, 2025
United States:
US Jobless Claims Jump on Spike in New York During Spring Recess
Applications for US unemployment benefits rose to the highest level since February during the week that followed Easter and spring recess at New York City public schools.
Initial claims increased by 18,000 to 241,000 in the week ended April 26, according to Labor Department data released Thursday.
United Kingdom:
UK Manufacturing Shrinks as Exports Dry Up Amid Tariffs Shock
UK factories were hit by the biggest plunge in overseas orders in five years as a global trade war outbreak sapped demand from the US, Europe and China, according to a closely watched survey.
S&P Global’s purchasing managers’ index showed the manufacturing sector remaining deep in contractionary territory despite a slight improvement to a reading of 45.4 in April, above the flash estimate of 44 and up from 44.9 in March.
Asia:
Bank of Japan Pushes Back Inflation Target Due to Trade War
The Bank of Japan pushed back the timing for when it expects to reach its inflation target and slashed its growth forecasts as the global trade war initiated by US President Donald Trump darkens the economic outlook.
Governor Kazuo Ueda’s board voted unanimously to maintain the central bank’s policy rate at 0.5% at the end of the two-day gathering, according to a statement, as expected by all 54 economists surveyed by Bloomberg.
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