US Unemployment Rate Could Fall Even Further According to FOMC Vice Chairman
FOMC Vice Chairman Richard Clarida stated that the rate of unemployment in the US could fall further yet without leading to excessive inflation. Clarida made statements at a Minneapolis bank conference on Tuesday evening which fall in line with the Federal Reserve’s current stance of pausing interest rates.
Gold Price Slips as Initial Jobless Claims Reach 49-Year Low
The number of Americans filing for unemployment benefits reached the lowest level since 1969 last week, indicating continued strength in the labor market. Claims were reported at 202,000 vs 216,000 expected, up from 211,000 the week before.
Potential Economic Slowdown as Services Sector Weakest in Over a Year
The ISM non-manufacturing index has fallen to the weakest level since August 2017 with a reading of just 56.1 in March. The reading is below expectations and comes on the same day as a report indicating the beginnings of a labor market slowdown.
Big Miss in March Private Sector Employment at 129k vs 170k Expected
March saw less private sector jobs created than expected with 129,000 new jobs compared to 170,000 expected according to Wednesday’s ADP report. The previous month’s reading was revised upward to 197,000 from 183,000.
Gold Price Ticks Upward Following Weak Durable Goods Orders Report
US factories saw a drop in business equipment orders in February for the third time in four months, an indication that the trade war is continuing to impact manufacturing. Durable goods dropped 1.6% vs 1.2% expected.
New Home Sales Reach 11-Month High
US new home sales hit an 11-month high in February as revised mortgage rates increase affordability and allow new buyers to enter the market. January figures were revised higher.
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