Spreadex Market Update
US weekly jobless claims up but continuing claims at lows, worries over protectionist Trump
New applications for US jobless benefits rose slightly more than expected last week. However, there was a drop in continuing claims that pushed the number of Americans on unemployment to a 17-year low. This suggests that the labour market continues to tighten.
The Labour Department reported the figure today, recording an increase in initial claims for state unemployment benefits to 10,000, seasonally adjusted 244,000, for the week ended April 15. This upturn followed three straight weeks of declines.
"In other news, world finance leaders are gathering today to try to push President Trump away from his protectionist policies and nudge him towards a more global approach to trade."
Jobless claims have now been below the 300,000 mark, the threshold associated with a healthy workforce, for 111 consecutive weeks making this the longest streak since 1970. This all means that the labour market is at near full employment, indeed the unemployment rate is now just 4.5%; a near 10-year low.
In other news, world finance leaders are gathering today to try to push President Trump away from his protectionist policies and nudge him towards a more global approach to trade. The International Monetary Fund (IMF) and the World Bank’s meetings will clash head-on with Trump’s “America first” agenda for the first time since the latter took office.
"These meetings will all be about Trump and the implications of his policies for the international agenda," said Domenico Lombardi, a former IMF board official. Lombardi went on to suggest that the IMF would attempt to “socialise” the new administration to its way of thinking and perhaps even influence its choice of policies.
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