U.S. Jobless Claims Drop While Remaining Above Pre-Virus Level
“Fewer Americans than expected sought unemployment benefits last week, as the slow labor-market recovery grinds on while businesses contend with an increase in coronavirus cases. Initial jobless claims in regular state programs decreased by 36,000 to 837,000 in the week ended Sept. 26, Labor Department figures showed Thursday. Continuing claims, the total pool of Americans on state benefit rolls, fell to 11.8 million in the week ended Sept. 19.”
ECB’s De Cos Backs Fed-Style Strategy of Inflation Overshoot
“European Central Bank policy maker Pablo Hernandez de Cos added his support to arguments for a Federal Reserve-style strategy that allows officials to temporarily overshoot their inflation goal. Echoing comments a day earlier by President Christine Lagarde, the Bank of Spain governor said it’s worth examining a more “symmetrical” inflation target. The ECB should make it clear “that the degree of acceptance for inflation deviations above the target will be the same as when such deviations are below.”
Asia’s Factories Show Mixed Recovery as Japan, India Gain
“Asia’s factories showed more fitful progress in September, with India seeing a jump in sentiment and Japan making a slow and steady recovery, manufacturing gauges show. Japan’s purchasing managers index rose to 47.7, its highest since February, from 47.2, while Vietnam improved to the best in more than a year, according to IHS Markit figures released Thursday. India’s gauge jumped to 56.8, its highest in more than eight years, as it continues a rebound from a record-low of 27.4 in April.”
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