Price of Gold Dips, Initial Jobless Claims Below Expectations
Jobless claims fell last week to a five-week low despite the ongoing government shutdown, although more furloughed federal workers did seek financial aid. Claims dipped by 3,000 to a total of 213,000 instead of the forecast 220,000.
U.S. Producer Prices Post Biggest Drop in Two Years
Gold prices have held steady following the Labor Department’s Producer Price Index report (PPI) which fell 0.2% in December after a 0.1% rise in November. The PPI is used as a key measure of inflation in the US economy, and the most recent report indicates the biggest drop since August 2016.
Big Miss in January Empire State Manufacturing Index
The Empire State Manufacturing Index dropped 7.6 points to 3.9 in January according to the New York Federal Reserve’s report on Tuesday. The reading is drastically below the projected increase forecast to take the index up to 12.
US Core Inflation Steady, Main Index Cools as Price of Gold Ticks Upward
Falling energy prices have contributed to a cool down in inflation, but the so-called core consumer price index which excludes volatile food and energy prices held firm, pointing to overall stability.
British GDP Slows Down Amid Brexit, Auto-Industry Decline
The British economy slowed down in Q3 with the biggest drop in industrial production since 2012 led by a decline in the car manufacturing industry.
US Weekly Jobless Claims Fell More Than Expected Last Week
Initial jobless claims were lower than expected with a total of 216,000 claims compared to a forecast 225,000, pointing to a healthy labor market in the face of economic uncertainty in other sectors.
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