Spreadex Market Update
Labour market improving
Applications for jobless benefits fell by 29,000 to 343,000 in the week ended Dec. 8, the fewest since reaching a four-year low in the period ended Oct. 6, Labor Department figures showed today.
Jobless claims have dropped 108,000 in the latest four weeks after a superstorm Sandy-related surge, indicating companies are comfortable with current staffing levels.
To help encourage more hiring, the Federal Reserve said yesterday that it intends to keep policy accommodative until unemployment falls to 6.5 percent from the current 7.7 percent.
The FTSE has fallen throughout the trading day as concern over the U.S. fiscal Cliff negotiations returned to the spotlight. Commodity stocks have been hit particularly badly ending the years longest streak of gains.
The Federal Reserve’s new monetary stimulus measures were offset by the concerns over the potential impact of austerity on the world’s largest economy.
British grocer WM Morrison have appointed company insider Trevor Strain to succeed Richard Pennycock as its group finance director.
Strain joined Morrisons, Britain's fourth largest supermarket chain, in 2009 as commercial and operations finance director, before becoming UK property finance director in 2011. He was previously at Tesco for seven years.
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