Spreadex Market Update
Jobless claims rebounds, consumer comfort highest in a decade
The number of Americans filing for unemployment benefits last week was up slightly from a 44-year low, however, the labour market continues to tighten amid a sharp drop in job cuts in February. The Labour Department announced that initial claims for state unemployment benefits rose 20,000 up to a seasonally adjusted 243,000. This came off the back of the previous week where claims had fallen to 223,000, the lowest level this statistic has been since March 1973.
A healthy level for jobless claims is generally considered to be around 300,000 and so it is testament to the labour market’s strength that last week was the 105th week straight that claims were below this benchmark. That is the longest stretch since 1970, at a time when the labour market was much smaller.
"Household spending has actually been a little slow to get going in 2017..."
In other news a Bloomberg US Consumer Comfort Index rose to its highest level in a decade. The measure was up to 50.6 which is only the sixth time it has been above the inflexion point of 50. Household spending has actually been a little slow to get going in 2017, however, this record figure will surely aid in a rebound on that front. It was interesting to note that, whilst Republicans’ confidence is unsurprisingly higher than Democrats’, It is the politically independents that are the most upbeat with their consumer sentiment the highest since July 2001.
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