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☆ US weekly jobless claims, continuing claims at eight-month low
▼ + stars: | 2023-09-21 | by ( Lucia Mutikani | ) www.reuters.com time to read: +4 min

Hundreds of people line up outside the Kentucky Career Center, over two hours prior to its opening, to find assistance with their unemployment claims, in Frankfort, Kentucky, U.S. June 18, 2020. Though demand for labor is slowing, overall labor market conditions have remained tight despite higher interest rates. "The U.S. labor market continues to outperform expectations," said Eugenio Aleman, chief economist at Raymond James. The so-called continuing claims declined 21,000 to 1.662 million during the week ending Sept. 9, also the lowest level since January, the claims report showed. Continuing claims remain historically low, a reminder that labor market conditions are still tight.

Persons: Bryan Woolston, Eugenio Aleman, Raymond James, Unadjusted, Jerome Powell, Stellantis, Lucia Mutikani, Chizu Nomiyama, Paul Simao Organizations: Kentucky, Center, REUTERS, Bryan Woolston Acquire, United Auto Workers, UAW, Labor Department, Reuters, Reserve, Ford, GM, Chrysler, Workers, Thomson Locations: Frankfort , Kentucky, U.S, WASHINGTON, Indiana, California, South Carolina , New York, Georgia, Kansas, Ohio

☆ Goldman Sachs says this blood cancer treatment stock can gain 70% ahead of planned drug launch
▼ + stars: | 2023-09-12 | by ( Pia Singh | ) www.cnbc.com time to read: +2 min

Goldman Sachs thinks late-stage biotech company Geron was due for a correction and now has the potential to surge higher. Analyst Corinne Jenkins upgraded Geron to buy from neutral. The analyst highlighted U.S. Food and Drug Administration acceptance of Geron's new drug application for imetelstat, a treatment for individuals with transfusion-dependent anemia in lower-risk myelodysplastic syndromes, or MDS. Shares of Geron have taken a hit this year with a 27% drop this quarter and 3.3% in year-to-date losses. "Despite the AdCom, the physicians we spoke with see a very high likelihood of imetelstat approval based on the publicly available data," the analyst said.

Persons: Goldman Sachs, Corinne Jenkins, Geron, KOLs, Jenkins, Michael Bloom Organizations: Geron, Food, Drug, FDA Locations: U.S

☆ The Fed’s preferred inflation measure stayed high in July — and consumers are continuing to spend
▼ + stars: | 2023-08-31 | by ( Alicia Wallace | ) edition.cnn.com time to read: +6 min

Minneapolis CNN —US inflation may have remained elevated in July, but consumers just wanted to have some fun. It’s the strongest monthly spending gain since January; however, underlying data indicates this type of activity may be on borrowed time. The Personal Consumption Expenditures index showed that prices increased 0.2% on a monthly basis and 3.3% annually. Economists were expecting monthly increases of 0.2% for the headline and core indexes and 3.3% and 4.2%, respectively, for the annual numbers. Even when adjusted for inflation, spending surged in July, rising by 0.6% from the month before.

Persons: ” Eugenio Alemán, Raymond James, “, ” Gregory Daco, EY, Jerome Powell, ” Powell, Wells, Shannon Seery, Wells Fargo, ” Seery, ” Daco, Powell, Jackson, ” Organizations: Minneapolis CNN, New Commerce Department, Federal, Commerce Department, Amazon’s, PCE, CNN, “, of Labor Statistics Locations: Minneapolis, Jackson Hole , Wyoming

☆ Japan Rail Pass, One of Travel’s Great Deals, Gets Pricier
▼ + stars: | 2023-08-29 | by ( Allan Richarz | ) www.nytimes.com time to read: +1 min

Since 1981, the Japan Rail Pass has provided overseas visitors with budget-friendly access to unlimited rides on the country’s local and regional lines, as well as the famed shinkansen bullet trains, which can reach an operational speed of 200 miles per hour, at prices unchanged in decades. Indeed, visitors to Japan in 2023 pay the same unadjusted amount for a two-week rail pass as they did in 1989. But all good things must come to an end, and the train operator, Japan Railways Group, announced in April that steep increases to the rail pass — as high as 76 percent, depending on pass duration and class — are coming in October. BackgroundAn enduring draw of visiting Japan is the chance to experience high-speed rail travel aboard the country’s extensive network of sleek and immaculately maintained, but notoriously expensive, shinkansen. Inspired by similar systems such as the Eurail Pass, the Japan Rail Pass, available exclusively to overseas travelers in seven-, 14- and 21-day increments in both Ordinary and premium Green Car classes, allows for flat-rate access to shinkansen and JR-operated regional and local lines at a fraction of what it would cost to buy individual tickets.

Organizations: Japan Railways Group, JR Locations: Japan

☆ Euro zone current account surplus surges in June
▼ + stars: | 2023-08-22 | by ( ) www.reuters.com time to read: 1 min

FRANKFURT, Aug 22 (Reuters) - The euro zone's current account surplus surged in June on higher goods exports and lower imports, European Central Bank data showed on Tuesday. Based on adjusted data, the 20-nation recorded a surplus of 35.8 billion euros after 7.9 billion a month earlier while unadjusted data showed a surplus of 36.8 billion euros after a 12.5 billion euro deficit. In the 12 months to June, the bloc's current account showed a deficit of 0.1% of GDP after a surplus of 1.0% in the previous 12 months. Reporting by Balazs Koranyi; Editing by Alison WilliamsOur Standards: The Thomson Reuters Trust Principles.

Persons: Balazs Koranyi, Alison Williams Organizations: FRANKFURT, European Central Bank, Thomson

☆ US weekly jobless claims fall; tight labor market underpinning economy
▼ + stars: | 2023-08-17 | by ( Lucia Mutikani | ) www.reuters.com time to read: +6 min

The labor market is only slowing at the margin, with job gains in July being the second-smallest since December 2020. Labor market strength, excess savings accumulated during the COVID-19 pandemic and greater credit card usage to fund purchases have kept a recession at bay. Some economists saw the slight elevation as indicating a small margin of slack in the job market. The Philadelphia Fed’s business conditions index increased to a reading of 12.0 this month from -13.5 in July. A survey this week from the New York Fed showed business conditions in the “Empire State” remained depressed in August.

Persons: Shannon Stapleton, ”, Christopher Rupkey, Jerome Powell’s, Jeffrey Roach, Bill Adams, Daniel Silver Organizations: WASHINGTON, REUTERS, Federal, Labor Department, Reuters, Treasury, Conference, Labor, LPL Financial, Conference Board, Comerica Bank, Philadelphia Fed, New York Fed, JPMorgan Locations: New York City, U.S, New York, Ohio, California, Texas , Michigan , New Jersey, Pennsylvania, Virginia, Charlotte , North Carolina, Dallas, New Jersey, Delaware, Philadelphia, “

☆ Euro zone swings into trade surplus in June as Russia imports plummet
▼ + stars: | 2023-08-17 | by ( ) www.reuters.com time to read: +1 min

REUTERS/Hugo Correia/File Photo Acquire Licensing RightsBRUSSELS, Aug 17 (Reuters) - The euro zone swung back into a large trade surplus in June from a similar size deficit 12 months earlier, as imports from both Russia and China fell sharply, data showed on Thursday. The European Union's statistics office, Eurostat, said the unadjusted external trade surplus of the 20 countries sharing the euro was 23.0 billion euros ($25.01 billion) in June, compared with a 27.1 billion-deficit in June 2022. Adjusted for seasonal swings, the trade surplus was 12.5 billion euros in June, up from 0.2 billion euros in May and compared with a 7.9 billion-euro deficit in April. The trade gap with Russia was down to 8.7 billion euros in the first six months of this year from 92.1 billion euros in the same period of 2022. With China, the EU's trade deficit fell to 148.7 billion euros in the first half of the year from 189.3 billion euros in the same period a year earlier.

Persons: Hugo Correia, Jan Strupczewski, Sharon Singleton Organizations: Port, REUTERS, Rights, Eurostat, Thomson Locations: Port of Lisbon, Portugal, Russia, China, Ukraine

☆ Analysis: No decoupling, but West and China drift apart
▼ + stars: | 2023-08-08 | by ( Mark John | ) www.reuters.com time to read: +5 min

Containers are seen at the Yangshan Deep Water Port in Shanghai, China, as the coronavirus disease (COVID-19) outbreak continues, October 19, 2020. But underlying trade and investment trends point to an unmistakable long-term drift in commercial ties with the West. Take foreign direct investment - the more forward-looking clue as to where commercial ties between countries are heading. WATCH GERMANYSome, meanwhile, point to the fact that U.S.-China trade - exports and imports of goods combined - hit a record $690 billion last year as evidence that the reality does not match the frosty political rhetoric. Last month's China strategy document unveiled by Chancellor Olaf Scholz's three-way coalition left open exactly how far Berlin would ultimately go in reining in commercial ties.

Persons: Aly, China's, Louise Loo, Stephen Roach, Yale Law School's Paul Tsai, Angela Merkel, Chancellor Olaf Scholz's, Mark Leonard, –, Joe Biden, Loo, Mark John, Christina Fincher Organizations: REUTERS, West, Oxford Economics, Yale Law, Yale Law School's Paul Tsai China Center, Reuters, European Council, Foreign Relations, – Mercedes, Benz, BMW, Volkswagen, BASF –, Oxford, Thomson Locations: Port, Shanghai, China, United States, Europe, GERMANY, Germany, Berlin, reining, Taiwan, U.S

☆ 'Barbie' makes history with $1 billion box office
▼ + stars: | 2023-08-06 | by ( Eva Rothenberg | ) edition.cnn.com time to read: +4 min

New York CNN —“Barbie” has answered the billion-dollar question with a resounding “yes.” Barely three weeks into its run, writer-director Greta Gerwig’s blockbuster has raked in an astounding $1.03 billion at the global box office, according to official Warner Bros. estimates. He added the movie’s marketing campaign was the first hint “Barbie” would be a box office smash. “Barbie” was distributed by Warner Bros., which is owned by CNN’s parent company Warner Bros. Its global success was driven by box office sales in some of the world’s largest movie markets, including the United Kingdom, Mexico and Australia. 1 release in these markets every weekend since its release, according to tracking site Box Office Mojo.

Persons: New York CNN — “ Barbie ”, Greta Gerwig’s, Barbie ”, “ I’ve, Barbie, ”, Paul Dergarabedian, Dergarabedian, ‘ Barbie ’, ‘ Oppenheimer, ’, Margot Robbie —, —, “ Barbie ”, “, Barbie ’, Michael Berry, Berry, Barbie haters, it’s, BoxOffice, Shawn Robbins Organizations: New, New York CNN, Warner Bros, Comscore, Collider, Warner Bros ., UCLA’s Center, Chinese Studies, BoxOffice Pro Locations: New York, United Kingdom, Mexico, Australia, China, United States

☆ US labor market resilient; productivity rebounds in second quarter
▼ + stars: | 2023-08-03 | by ( Lucia Mutikani | ) www.reuters.com time to read: +6 min

Other data from the Labor Department on Thursday showed a marked slowdown in labor costs in the second quarter, thanks to a sharp rebound in worker productivity. That added to reports last month showing a significant moderation in annual inflation in June as well as wage growth in the second quarter. Reuters GraphicsWorkers were more productive in the second quarter, which helped to curb growth in labor costs. Nonfarm productivity, which measures hourly output per worker, increased at a 3.7% annualized rate in the second quarter after declining at a 1.2% pace in the January-March quarter, the Labor Department said in a third report. Unit labor costs - the price of labor per single unit of output - rose at a 1.6% rate in the second quarter.

Persons: Andrew Kelly, Bill Adams, Nonfarm payrolls, Sarah House, Lucia Mutikani, Safiyah Riddle, Paul Simao, Andrea Ricci Organizations: REUTERS, WASHINGTON, Federal Reserve, Labor Department, Comerica Bank, Labor, The Institute for Supply Management, Treasury, Reuters, Reuters Graphics Workers, Thomson Locations: Manhattan , New York City, U.S, Dallas, California, Ohio, Texas, Georgia, Missouri, Wells, Charlotte , North Carolina

☆ Uber’s post-pandemic growth is slowing
▼ + stars: | 2023-08-01 | by ( Catherine Thorbecke | ) edition.cnn.com time to read: +1 min

New York CNN —Uber has reported that its revenue ticked up 14% last quarter, marking a slower pace of growth than recent quarters when sales surged as riders returned to pre-pandemic habits. The company on Tuesday reported revenue of $9.2 billion for the quarter ending in June, a 14% increase from the same period last year, just missing Wall Street’s estimates. The company, reported its first-ever unadjusted operating profit, of $326 million. Trips during the quarter grew 22% to 2.3 billion, or approximately 25 million trips per day on average. “Robust demand, new growth initiatives, and continued cost discipline resulted in an excellent quarter,” Uber CEO Dara Khosrowshahi said in a statement accompanying the results.

Persons: New York CNN — Uber, Uber, ” Uber, Dara Khosrowshahi, ” Khosrowshahi Organizations: New, New York CNN Locations: New York

☆ General Motors raises full-year guidance, announces deeper cost-cutting
▼ + stars: | 2023-07-25 | by ( Michael Wayland | ) www.cnbc.com time to read: +4 min

DETROIT — General Motors is raising its 2023 guidance for a second time this year after the automaker reported second-quarter results Tuesday that were up sharply year over year. The Detroit automaker also said it is increasing cost-cutting measures through next year and now plans to reduce $3 billion in expenditures compared with previous guidance of $2 billion. Here's what GM reported for its second quarter:Adjusted earnings per share: $1.91. However, the guidance increase is contingent on GM successfully negotiating new labor agreements with the United Auto Workers and the Canadian Unifor unions this year without a work stoppage or strike. A work stoppage would add to the auto industry's yearslong production problems resulting from the coronavirus pandemic and significant supply chain constraints such as semiconductor chips.

Persons: Paul Jacobson, Jacobson, Mary Barra, it's, Barra Organizations: DETROIT, Motors, Detroit, GM, Wall, LG Electronics, LG Energy, Chevrolet, LG, Revenue, United Auto Workers, Canadian, UAW, Detroit automakers

☆ US weekly jobless claims fall to two-month low
▼ + stars: | 2023-07-20 | by ( Lucia Mutikani | ) www.reuters.com time to read: +3 min

Unadjusted claims fell by 326 to 257,976 last week. Reuters GraphicsThough the labor market remains tight, last week's drop in claims was likely exaggerated by difficulties adjusting the data for seasonal patterns. The claims data covered the week during which the government surveyed businesses for the nonfarm payrolls component of July's employment report. Claims fell during the June and July survey weeks. At current levels, the so-called continuing claims are low by historical standards, indicating that some laid-off workers are quickly finding work.

Persons: Rubeela Farooqi, Unadjusted, Lucia Mutikani, Andrea Ricci, Paul Simao Organizations: Federal Reserve, Labor Department, Reuters, Reuters Graphics, Thomson Locations: WASHINGTON, White Plains , New York, California, Georgia, South Carolina, Oregon, Michigan , Kentucky , Indiana , New York , New Jersey , Iowa, Illinois, U.S

NAPERVILLE, Illinois, July 17 (Reuters) - The U.S. Corn Belt has experienced much more forgiving weather this month after an unusually dry June crashed both corn crop conditions and yield ideas. Three weeks ago, corn was just 50% GE, the week’s worst since 1988. Although long ago, most years with similar gains around this time frame featured corn yields within a couple percent of trend, if not better. Keep in mind that the concept of “trend yield” is subjective and often varies by analyst. USDA’s 2023 corn trend of 181.5 bushels per acre, which some considered too high, was reduced to 177.5 last week after the dry June.

Persons: Karen Braun, Matthew Lewis Organizations: U.S . Department of, GE, Reuters, Thomson Locations: NAPERVILLE , Illinois, U.S

☆ Euro zone almost eliminates trade deficit in May
▼ + stars: | 2023-07-14 | by ( ) www.reuters.com time to read: +1 min

BRUSSELS, July 14 (Reuters) - The euro zone almost eliminated its trade deficit in May, non-adjusted data showed on Friday, as exports of chemicals and machinery picked up and the value of imported energy products, notably from Russia, declined. The European Union statistics office Eurostat said the seasonally unadjusted trade balance of the 20 countries sharing the euro was a 0.3 billion euro deficit in May compared with a 30.3 billion euro shortfall a year earlier. Adjusted for seasonal swings, the May trade deficit was a modest 0.9 billion euros from 8.0 billion euros in April. The EU's trade gap with China also narrowed slightly in Jan-May, while its trade surplus with the United States dipped. However, the EU trade surplus with Britain expanded as EU exports rose and imports from Britain fell.

Persons: Eurostat, Philip Blenkinsop, Charlotte Van Campenhout, Andrew Heavens Organizations: European Union, Union, Britain, Eurostat, Thomson Locations: BRUSSELS, Russia, Jan, China, United States, Britain

☆ US inflation saw another dramatic slowdown in June
▼ + stars: | 2023-07-12 | by ( Madison Hoff | ) www.businessinsider.com time to read: +4 min

That's based on new Consumer Price Index data from the Bureau of Labor Statistics on Wednesday, which is one measure of inflation. That suggests another month of cooling inflation, after the unadjusted year-over-year change in May was 4.0%. However, the year-over-year CPI has tumbled every month since then, and the new data means 12 months of falling inflation. The month-over-month percent change was expected to be more than the percent change in May, from a month-over-month increase of 0.1% in May to a month-over-month increase of 0.3% in June. While inflation is still falling in the US, it's still more than the Fed's 2% target, at least by the overall year-over-year CPI measure.

Persons: That's, it's, Jerome Powell Organizations: Fed, Service, Bureau of Labor Statistics, Core CPI, CPI, BLS, Federal, Federal Reserve Locations: Wall, Silicon

☆ Airbus books record India orders, confirms higher deliveries
▼ + stars: | 2023-07-07 | by ( ) www.reuters.com time to read: +2 min

[1/2] An Air India Airbus A320-200 aircraft takes off as an IndiGo Airlines aircraft waits for clearance at the Sardar Vallabhbhai Patel International Airport in Ahmedabad, India, July 7, 2017. Picture taken July 7, 2017./File PhotoPARIS, July 7 (Reuters) - Record demand from India sharply increased Airbus (AIR.PA) orders in June to leave the European planemaker with 1,044 net orders in the first half of the year, data showed on Friday. In a bulletin, Airbus officially booked orders for 500 jets from budget carrier IndiGo (INGL.NS) and 250 from Air India that were announced or finalised at last month's Paris Airshow. Airbus gross orders before cancellations stood at 1,080 aircraft in the first half. By comparison, Airbus won 442 orders or a net total of 259 after cancellations in the first half of 2022.

Persons: Vallabhbhai, Tim Hepher, Jason Neely Organizations: An Air, An Air India Airbus, IndiGo Airlines, Airbus, Air, Boeing, Air India, Paris Airshow, Aerospace, Thomson Locations: An Air India, Ahmedabad, India, Air India

☆ US weekly claims rise moderately; private payrolls surge in June
▼ + stars: | 2023-07-06 | by ( Lucia Mutikani | ) www.reuters.com time to read: +5 min

"A tight labor market will keep the rate path on an upward trajectory, until policymakers see a material rebalancing in supply and demand." Claims, relative to the size of the labor market, are below the 280,000 level that economists say would signal a significant slowdown in job growth. A survey last month showed consumers' views of the labor market more upbeat in June relative to May. Though policymakers viewed the labor market as remaining "very tight," they "anticipated that employment growth would likely slow further." The claims data has no bearing on June's employment report, scheduled for release on Friday.

Persons: Rubeela Farooqi, Unadjusted, payrolls, nonfarm payrolls, Andrew Challenger, Lucia Mutikani, Safiyah Riddle, Chizu Organizations: Federal Reserve, Labor Department, Reuters, Treasury, Fed, ADP, Challenger, Companies, Thomson Locations: WASHINGTON, White Plains , New York, Minnesota, Michigan , New York , Kentucky, Ohio, Texas, New Jersey, U.S

☆ US weekly jobless claims post biggest drop in 20 months as economy shows stamina
▼ + stars: | 2023-06-29 | by ( Lucia Mutikani | ) www.reuters.com time to read: +7 min

"The economy is currently displaying genuine signs of resilience," said Gregory Daco, chief economist at EY-Parthenon in New York. Initial claims for state unemployment benefits decreased 26,000 to a seasonally adjusted 239,000 for the week ended June 24. Continuing claims covered the period during which the government surveyed households for June's unemployment rate. The unemployment rate was at 3.7% in May. GDP consumer contributionEconomists had expected first-quarter GDP growth would be raised slightly to a 1.4% pace.

Persons: Gregory Daco, Unadjusted, Rubeela Farooqi, Jerome Powell, Amira Karaoud, Scott Hoyt, Lucia Mutikani, Chizu Nomiyama, Andrea Ricci Organizations: Federal Reserve, Labor Department, Reuters, Financial, U.S, Treasury, REUTERS, Conference Board, Gross, Commerce Department, Thomson Locations: WASHINGTON, EY, New York, Minnesota, Ohio, California, Texas, Pennsylvania, Connecticut, New Jersey, White Plains , New York, Spanish, Madrid, Louisville, U.S, West Chester , Pennsylvania

☆ US weekly jobless claims post biggest drop in 20 months
▼ + stars: | 2023-06-29 | by ( Lucia Mutikani | ) www.reuters.com time to read: +4 min

"A tight labor market will keep the rate path on an upward trajectory, until policymakers see a material rebalancing in supply and demand. "Initial claims for state unemployment benefits decreased 26,000 to a seasonally adjusted 239,000 for the week ended June 25. Continuing claims covered the period during which the government surveyed households for June's unemployment rate. The unemployment rate was at 3.7% in May. Economists had expected first-quarter GDP growth would be raised slightly to a 1.4% pace.

Persons: Rubeela Farooqi, Unadjusted, Lucia Mutikani, Chizu Nomiyama, Andrea Ricci Organizations: Federal Reserve, Labor Department, Reuters, Conference Board, Labor, Gross, Commerce Department, Thomson Locations: WASHINGTON, U.S, White Plains , New York, Minnesota, California, Texas, Pennsylvania, Connecticut, New Jersey

☆ Walgreens slashes earnings guidance due to lower consumer spending, drop in Covid care demand
▼ + stars: | 2023-06-27 | by ( Spencer Kimball | ) www.cnbc.com time to read: +2 min

Walgreens Boots Alliance on Tuesday slashed its full-year earnings guidance as it fell short of Wall Street expectations for its fiscal third quarter due to lower consumer spending and a drop in demand for Covid vaccines and testing. The retail pharmacy chain lowered its earnings guidance to a range of $4.00 to $4.05 per share for the full year, down from its previous forecast of $4.45 to $4.65 per share. Revenue: $35.42 billion, vs. $34.24 billion expected. The earnings miss is the first time Walgreens has underperformed analyst expectations since July 2020. Walgreens' U.S. retail pharmacy segment generated about $28 billion in sales for the quarter, an increase of 4.4% compared with the same period last year.

Persons: Rosalind Brewer, Brewer, Walgreens Organizations: Walgreens Boots Alliance, WBA, Walgreens, Refinitiv, Revenue Locations: U.S

☆ Motor vehicles, building materials lift US retail sales in May
▼ + stars: | 2023-06-15 | by ( Lucia Mutikani | ) www.reuters.com time to read: +6 min

WASHINGTON (Reuters) - U.S. retail sales unexpectedly rose in May as consumers stepped up purchases of motor vehicles and building materials, which could help to stave off a dreaded recession in the near term. Retail sales increased 0.3% last month after rising 0.4% in April, the Commerce Department said. SLOWER MOMENTUMExcluding automobiles, gasoline, building materials and food services, retail sales gained 0.2% last month. Data for April was revised slightly lower to show these so-called core retail sales rising 0.6% instead of the previously reported 0.7%. With price pressures easing in May, economists estimated that core retail sales increased 0.2% after adjusting for inflation.

Persons: ”, Robert Kavcic, Mike Graziano, Ben Ayers, Unadjusted, Conrad DeQuadros, Tim Quinlan Organizations: WASHINGTON, Federal Reserve, Fed, Wednesday, BMO Capital Markets, Commerce Department, Reuters, Saks Fifth, REUTERS, RSM, Consumers, Nationwide, Labor Department, Treasury, Atlanta Fed, Writers Guild of America, Brean, Manufacturing, Federal Locations: Minnesota, U.S, Toronto, New York City, Columbus , Ohio, Texas, California, Writers Guild of America . Georgia, Florida , Illinois , Indiana , Connecticut, New York, Philadelphia, Wells, Charlotte , North Carolina

☆ US retail sales rise; weekly jobless claims steady at higher levels
▼ + stars: | 2023-06-15 | by ( Lucia Mutikani | ) www.reuters.com time to read: +5 min

Retail sales are mostly goods and are not adjusted for inflation. Food services and drinking places are the only services category in the retail sales report. Sales at food services and drinking places, the only services category in the retail sales report, rose 0.4%. UNDERLYING STRENGTHExcluding automobiles, gasoline, building materials and food services, retail sales gained 0.2% last month. Data for April was revised slightly lower to show these so-called core retail sales rising 0.6% instead of the previously reported 0.7%.

Persons: Robert Kavcic, Jerome Powell, Unadjusted, Lucia Mutikani, Chizu Nomiyama, Paul Simao Organizations: Saks Fifth, REUTERS, Commerce Department, Reuters, BMO Capital Markets, Federal Reserve, Treasury, Atlanta Fed, Labor Department, Thomson Locations: New York City, U.S, WASHINGTON, Toronto, Minnesota, Texas, California , Georgia, Florida , Illinois, Indiana, New York

☆ US weekly jobless claims race to 1-1/2-year high, economists urge caution
▼ + stars: | 2023-06-08 | by ( Lucia Mutikani | ) www.reuters.com time to read: +5 min

After rampant fraud in Massachusetts briefly boosted claims to a 1-1/2-year high in May before being revised away, economists cautioned against reading too much into the latest rise. Economists polled by Reuters had forecast 235,000 claims for the latest week. Unadjusted claims increased only 10,535 to 219,391 last week, with applications in Ohio surging 6,345 and filings in California shooting up 5,173. The Federal Reserve is expected to keep its policy rate unchanged next Wednesday for the first time since March 2022 when it embarked on its fastest interest rate hiking campaign since the 1980s. The U.S. central bank has raised its policy rate by 500 basis points since then.

Persons: Conrad DeQuadros, Unadjusted, Gisela Hoxha, Matthew Martin, Stuart Hoffman, Lucia Mutikani, Chizu Nomiyama, Andrea Ricci Organizations: Labor Department, Brean, Reuters, Auto, Citigroup, Federal, Treasury, Oxford Economics, PNC Financial, Institute for Supply Management, PMI, Thomson Locations: WASHINGTON, Ohio , Minnesota, California, Massachusetts, New York, Ohio, Minnesota, U.S, Pittsburgh , Pennsylvania

☆ US weekly jobless claims rise slightly; labor market defies recession fears
▼ + stars: | 2023-06-01 | by ( Lucia Mutikani | ) www.reuters.com time to read: +6 min

"Labor market conditions are still tight," said Nancy Vanden Houten, lead U.S. economist at Oxford Economics in New York. "While we expect the Fed to leave rates steady at its upcoming meeting, a more sustained loosening of labor market conditions is needed to keep rate hikes permanently off the table." Unadjusted claims increased by 5,296 to 207,941 last week, with notable rises in New York, Ohio and Illinois. While the labor market continues to surprise with strength, manufacturing is in a downward spiral. The Fed's "Beige Book" report on Wednesday described the labor market as having "continued to be strong" in May, but noted that "many contacts" were "fully staffed."

Persons: Nancy Vanden Houten, Unadjusted, nonfarm payrolls, payrolls, Christopher Rupkey, Lucia Mutikani, Chizu Nomiyama, Paul Simao Organizations: PMI, Federal Reserve, Fed, Labor, Oxford Economics, Labor Department, Reuters, Institute for Supply Management, Treasury, U.S, Thomson Locations: May WASHINGTON, U.S, New York, New York , Ohio, Illinois, Massachusetts

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