Following on the heels of yesterday’s ADP survey concluding that 215,000 new jobs were created in the private sector, the most recent jobless claims data adds further evidence that the employment outlook is improving. According to the Labor Department, new claims for unemployment benefits fell by 20,000 to a seasonally-adjusted 368,000 new claims and is the best result since May, 2008.
“The downward trend in claims suggests that the labor market is getting back to health,” said Krishen Rangasamy, an economist at CIBC World Markets in Toronto.
Source: Reuters
Describing inflation risks as “balanced” within the 17-nation Eurozone, the European Central Bank left the region’s benchmark lending rate at 1 percent. For January, Eurozone inflation rose well above the target 2 percent to 2.4 percent but the bank’s statement noted it expected inflation to moderate to just above 2 percent by the end of the year.
Source: BBC News
The US Labor Report brought more discouraging employment news today as for the third month in a row, jobs continued to evaporate. In August, 54,000 jobs were lost, lifting overall unemployment to 9.6 percent from 9.5 percent.
The one bright note was the private sector created more jobs than expected during the month with 67,000 new positions filled. The net result however, was still negative adding further to worries that increasing unemployment could derail any recovery.
Source: Reuters
