Jobless claims figures have taken a turn for the better, as data released today revealed that fewer people are claiming state benefits.
Initial Claims for state unemployment benefits fell by 48,000 to 709,000 for the week which ended November 7th. Claims dropped to their lowest tally since March, just before the peak figure of over 6 million.
The figure was better than the 735,000 expected by many in the market and comes on the back of a better than expected Non-Farm Payrolls number, which saw 638,000 jobs added to the US economy vs. the expectation of 600,000.
UK economy grew less than expected
GDP data released from the United Kingdom earlier today showed that production grew at a slower pace than markets had initially expected.
It was reported that the British economy grew by 1.1% in September vs. the expected figure of 1.5%. The FTSE 100 fell 0.68% on the news.
Growth in the British economy continues to stutter, as many businesses struggle to recapture the activity seen pre-COVID. In their economic forecast last week, the Bank of England said they expected the economy could shrink by a record 11% in 2020 before potentially growing by just over 7% in 2021.
S&P 500 slips as U.S. inflation remains unchanged
After rallying for the majority of the last 10 days, the S&P 500 seemed to have run out of steam, as markets fell on Thursday.
As of writing, America’s benchmark index was down 1.096%, as the historical resistance level of 3,588 was once again held.
This comes despite better than expected jobless claims, and as news surfaced that inflation data remained unchanged at 0.2% last month. The data showed that slight gains in the cost of food were offset by lower oil prices.
TradeGateHub.com – #WallStreetWord For November 10th
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Senior Market Analyst