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People are going back to work as jobless claims drop

Layoffs and Jobless Claims Numbers Send U.S Indices Up, BOE Forecasts Higher Inflation & More Travel Restrictions Imposed By U.S. and China

U.S. indices up, as layoffs, Jobless claims fall

The major indices in the United States were higher on Thursday, as markets reacted to positive jobless claims data.

It was reported that claims for unemployment benefits dropped to 385,000 for the week that ended July 31st, after rising above 400,000 the week before.

This comes the day after private payrolls fell to their lowest level since February, causing some to believe that the labour market recovery could be stalling.

However, the news that job layoffs fell to their lowest level in close to over 21 years last month, increased optimism from those waiting for a strong jobs report on Friday.

As of writing, both the S&P 500 and Dow Jones had rebounded from yesterday’s losses.

Bank of England holds rates, forecasts higher inflation

In the United Kingdom, the Bank of England today opted to keep interest rates unchanged, whilst warning that inflation figures could be set to climb higher.

The BOE chose to keep rates at a record low of 0.1%, while also unanimously voting to maintain its asset purchasing programme unchanged at £895 billion.

In a statement following the decision, the MPC stated that, “Overall, Bank staff now expect inflation to rise materially further in the near term, temporarily reaching 4% in 2021 Q4 and 2022 Q1, 1½ percentage points higher than in the May projection”.

It is also expected that GDP in the UK will show growth of 5% for the second quarter of the year, as the economy reopened post COVID-19 restrictions.

London’s FTSE 100 was marginally higher on the news.

China, U.S. set to tighten travel restrictions

As the Delta variant of the coronavirus continues to spread across the globe, China and the United States today edged closer to stiffening travel restrictions.

In China, the government has imposed mass restrictions, including temporarily closing some airports and domestic rail travel, as cases began to climb at their fastest rate in several months.

Over in the U.S. it was reported that only vaccinated foreigners will be allowed to enter the country, when it begins to re-open its borders for international travel.

This comes as the country’s 7-day average of infection has risen to nearly 94,000per day as of Wednesday August 4th.

Which is an increase of nearly 48% from one week ago.

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