U.S. jobless claims unexpectedly falls, producer prices up 0.5%

New applications for U.S. jobless benefits unexpectedly fell last week while producer prices rebounded strongly in April, pointing to a tightening labor market and rising inflation that could spur the Federal Reserve to raise interest rates in June. Labor market strength was also underscored by a sharp drop in the number of Americans on unemployment rolls to a 28-1/2-year low in the final week of April…

U.S. import prices jump to 0.5% in April, boosted by petroleum, motor vehicles

U.S. import prices increased more than expected in April amid rising costs for petroleum products and a range of other goods, which could help boost domestic inflation. The Labor Department said on Wednesday that import prices jumped 0.5 percent last month after an upwardly revised 0.1 percent gain in March. Import prices have now increased for five straight months…

Wall Street’s ‘fear gauge’ slips to 9.8, hits 23-year low

It’s extremely rare for Wall Street to be as calm as it is right now. The VIX volatility index plunged this week to the unusually-low level of 9.8. That hasn’t happened for this closely-watched “fear gauge” since December 1993. To put that into context, that was the month that President Bill Clinton signed NAFTA into law. Here’s another way to think of it: a single-digit VIX (VIX) reading has happened in less than 0.2% of all trading days since 1990, according to ConvergEx…

Reforms to Fannie Mae, Freddie Mac could shock sector: Fed’s Rosengren

A Federal Reserve official warned U.S. lawmakers on Tuesday that any reforms that reduce the massive lending presence of mortgage giants Fannie Mae and Freddie Mac in the multi-family real estate market could shock that sector of the economy. Members of Congress and the Trump administration have signaled they will overhaul the two government-sponsored enterprises (GSEs), which the government took over during the 2008 financial crisis, after they suffered massive losses on bad mortgages…

U.S. economy will fall short of 3% GDP target this year: Commerce Secretary

The U.S. economy will fall short of the Trump administration’s goal of 3 percent growth this year and will only achieve that when its regulatory, tax, trade and energy policies are fully in place, Commerce Secretary Wilbur Ross said on Tuesday. The GDP target “is certainly not achievable this year,” Ross told Reuters in an interview. “The Congress has been slow-walking everything. We don’t even have half the people in place.”…

Fed has met employment goal, near inflation goal: Cleveland Fed Mester

The U.S. Federal Reserve has now met its employment goal and is nearing its inflation goal, despite some weak recent economic data, so it should continue raising interest rates, Cleveland Fed President Loretta Mester said on Monday. In a speech that largely reinforced her upbeat view of the U.S. economy, Mester, a hawkish Fed policymaker, said that while risks are “roughly balanced” the central bank should not delay further policy tightening until its two key mandates are fully met…

Looking for a job? U.S. has 5.7 million job openings

Looking for a job? America has 5.7 million openings. That’s close to the record number of job openings reported by the Labor Department since it started tracking them in 2000. The US had an all-time high of 5.9 million openings last July. The numbers bear a mix of good and bad news. Good news: Employers are hiring and workers are starting to feel more confident about leaving a job for another one. It’s reflects a much improved situation from the Great Recession…

OPEC’s output cuts are falling short and its running out of options

OPEC is running out of options. The price of crude has plummeted 13% in recent weeks to below $46, suggesting that the cartel’s efforts to vanquish cheap oil are falling short.
OPEC and other major producers had been enjoying higher prices since agreeing in November to slash production, a strategy designed to rid global markets of excess supply. Now, the magic appears to be wearing off…

High U.S. oil stockpiles have undermined OPEC’s output cut deal

The energy industry scrutinizes U.S. oil stockpile data every week for evidence that OPEC supply cuts are ending a global crude glut, but growing domestic output means the world’s largest oil consumer may be the last place to feel the cuts. Stubbornly high U.S. inventory levels have shaken market confidence that a deal by the Organization of the Petroleum Exporting Countries (OPEC), Russia and other top producers to cut 1.8 million barrels per day (bpd) from supply will end the two-year glut…

Euro, stocks fall after Macron’s French election win

Stocks were little changed and the euro fell on Monday from highs it touched after pro-EU centrist Emmanuel Macron’s emphatic and expected victory in France’s presidential election as investors cashed in recent gains. European equities dipped, with French shares underperforming the wider market after having hit their highest in more than 9 years on Friday…

U.S. nonfarm payroll employment rises by 211,000 jobs in April, jobless rate hits 4.4%

U.S. job growth rebounded sharply in April and the unemployment rate dropped to 4.4 percent, near a 10-year low, pointing to a tightening labor market that could seal the case for an interest rate increase next month despite moderate wage growth. Nonfarm payrolls surged by 211,000 jobs last month, the Labor Department said on Friday, well above the monthly average of 185,000 this year and a jump from the gain of 79,000 in March…

U.S. unemployment rate drops to 4.4$, lowest level in 10 years

America’s job market rebounded in April. The unemployment rate dropped to 4.4%, its lowest level since May 2007. America added a solid 211,000 jobs in April, far surpassing the disappointing 79,000 jobs gained in March, according to Labor Department figures released Friday. “It’s a very strong report,” says Michael Arone, chief investment strategist at State Street Global Advisors. “We’re nearing full employment in the US economy.”…

Newsletter

Zero spam.