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☆ US weekly jobless claims fall; labor market still tight
▼ + stars: | 2023-05-18 | by ( Lucia Mutikani | ) www.reuters.com time to read: +2 min

Summary Weekly jobless claims drop 22,000 to 242,000Continuing claims decrease 8,000 to 1.799 millionWASHINGTON, May 18 (Reuters) - The number of Americans filing new claims for jobs benefits fell more than expected last week, with applications in Massachusetts decreasing sharply, suggesting the labor market remains tight. The steep decline in weekly unemployment claims reported by the Labor Department on Thursday reversed the surge in the prior week, which had boosted them to the highest level since Oct. 30, 2021. Initial claims for state unemployment benefits dropped 22,000 to a seasonally adjusted 242,000 for the week ended May 13. The labor market is being closely watched for signs of stress from the Federal Reserve's fastest interest rate hiking campaign since the 1980s. Though it has shown some signs of cooling, the labor market has remained tight, with 1.6 job openings for every unemployed person in March, well above the 1.0-1.2 range that is consistent with a jobs market that is not generating too much inflation.

☆ Euro zone Q1 GDP growth confirmed at 0.1% q/q, Q1 exports jump
▼ + stars: | 2023-05-16 | by ( ) www.reuters.com time to read: +1 min

BRUSSELS, May 16 (Reuters) - Euro zone economic growth was 0.1% quarter-on-quarter in the first three months of the year, the EU's statistics agency confirmed on Tuesday, with rising employment and a sharp increase in exports that boosted the euro zone trade surplus. While a more detailed breakdown of the GDP rise was not yet available, unadjusted trade data for the first quarter showed an 8.5% jump in exports over the same period of 2022 with unchanged imports, indicating net trade contributed to the growth. In March the unadjusted euro zone trade balance swung to a 25.6 billion euro surplus from a 20 billion deficit in the first three months of 2022. Adjusted for seasonal swings, the March trade surplus was 17 billion euros, up from a 200 million euro deficit the month before. The better net trade result in the first quarter came mainly from higher exports of machinery, vehicles and chemicals and a drop in imports of energy.

☆ Canada's Ivey PMI shows activity expanding at slower pace in April
▼ + stars: | 2023-05-04 | by ( ) www.reuters.com time to read: 1 min

TORONTO, May 4 (Reuters) - Canadian economic activity expanded at a slower pace in April as growth in employment slipped and inventories declined, Ivey Purchasing Managers Index (PMI) data showed on Thursday. The seasonally adjusted index fell to 56.8 from 58.2 in March. The Ivey PMI measures the month to month variation in economic activity as indicated by a panel of purchasing managers from across Canada. The gauge of employment declined to an adjusted 55.8 from 60.3 in March, while the inventories index was down at 48.6 from 54.5. The unadjusted PMI fell to 55.6 from 65.2.

During a conference call with investors, the company projected that adjusted gross margins will climb above 40% in the second half, having hit historic lows in the first half of the year. Underscoring Intel's profitability slump in recent years, its first-quarter unadjusted gross margin fell to 34.2%, almost half of its multi-decade high of over 67% in 2010. The company forecast a further drop to an unadjusted gross margin of 33.2% for the second quarter. "While we understand investors may be disappointed in its 2Q23 gross margin outlook, we are confident that Intel's gross margin will recover in 2H23 as the burden of factory underutilization and new product start-up cost diminishes," said Kinngai Chan, analyst at Summit Insights Group. Intel said adjusted losses were 4 cents per share, above analysts' expectations of a 15 cent per share adjusted loss.

☆ US labor market cooling; leading indicator flashes recession
▼ + stars: | 2023-04-20 | by ( Lucia Mutikani | ) www.reuters.com time to read: +6 min

Though measured, the loss of labor market momentum added to slumping retail sales and manufacturing activity in heightening the risks of a recession as soon as the second half of the year. Jobless claimsNevertheless, the labor market is fraying around the edges. It also said contacts reported the labor market becoming less tight, noting "a small number of firms reported mass layoffs," which were "centered at a subset of the largest companies." Philly FedDespite cracks in the labor market, economists did not expect widespread job losses. The claims data covered the period during which the government surveyed business establishments for the nonfarm payrolls portion of April's employment report.

☆ Euro zone current account surplus widens in February
▼ + stars: | 2023-04-19 | by ( ) www.reuters.com time to read: 1 min

FRANKFURT, April 19 (Reuters) - The euro zone's current account surplus widened in February as imports fell thanks lower energy costs and already large net exports of services remained broadly steady, data from the European Central Bank showed on Wednesday. The 20-nation bloc's adjusted current account surplus increased to 24.32 billion euros in February from 18.63 billion a month earlier. Based on unadjusted data, it was 21.27 billion euros after a 705 million deficit in January. In the 12 months to February, the current account recorded a deficit equal to 0.9% of GDP as Russia's war in Ukraine pushed up energy costs and the bloc's import bill. The euro zone had posted a 1.8% surplus a year earlier.

☆ US labor market gradually losing steam; producer inflation cooling
▼ + stars: | 2023-04-13 | by ( Lucia Mutikani | ) www.reuters.com time to read: +7 min

Still, the labor market and inflation are likely not cooling fast enough to stop the Federal Reserve from raising interest rates one more time next month. Claims, however, remain below the 270,000 level, a breach of which economists say would signal a deterioration in the labor market. "The upcoming labor market downturn will be modest since the drop in demand is expected to be fairly modest." InflationThe annual PPI rate is subsiding as last year's large increases drop out of the calculation. In the 12 months through March, the core PPI advanced 3.6% after increasing 4.5% in February.

☆ The world's largest banknote printer says printing money isn't that profitable anymore
▼ + stars: | 2023-04-13 | by ( Huileng Tan | ) www.businessinsider.com time to read: +3 min

De La Rue, the world's largest banknote maker, issued a profit warning on Wednesday. De La Rue, the world's largest banknote maker, issued a profit warning on Wednesday, flagging a lower demand for cash. De La Rue prints banknotes and supplies raw materials for physical cash across 140 countries, including the UK, Thailand, and Qatar. The company's profit warning on Wednesday sent De La Rue's share prices plunging nearly 20% to £40.50 apiece on the same day. De La Rue did not immediately respond to Insider's request for comment.

☆ U.S. government posts $378 billion deficit in March
▼ + stars: | 2023-04-12 | by ( ) www.reuters.com time to read: +1 min

REUTERS/Gary CameronApril 12 (Reuters) - The U.S. government recorded a $378-billion budget deficit in March as outlays outpaced revenues, the Treasury Department said on Wednesday. That compared to a budget deficit of $193 billion in the same month last year, according to the Treasury's monthly budget statement. Analysts polled by Reuters had forecast a $302 billion deficit for the month. When adjusted for calendar effects, the deficit for March was $305 billion compared with an adjusted deficit of $187 billion in March 2022. Unadjusted receipts last month totaled $313 billion, down 1% from $315 billion in March 2022, while unadjusted outlays were $691 billion, an increase of 36% from the same month a year earlier.

☆ Inflation took a massive plunge in March
▼ + stars: | 2023-04-12 | by ( Madison Hoff | ) www.businessinsider.com time to read: +2 min

That's according to the year-over-year increase of the Consumer Price Index for March. The Consumer Price Index increased 5.0%, the lowest rate since May 2021. Inflation as measured by the Consumer Price Index (CPI), soared by a 5.0% year-over-year increase in March, less than the year-over-year increase of 6.0% in February. Core CPI, which excludes volatile food and energy prices, increased by 5.6% year-over-year per data that wasn't seasonally adjusted. The Fed has continued to fight inflation with interest rate hikes.

☆ Canada's Ivey PMI shows activity accelerating in March
▼ + stars: | 2023-04-06 | by ( ) www.reuters.com time to read: 1 min

TORONTO, April 6 (Reuters) - Canadian economic activity expanded at a faster pace in March as employment and inventories both climbed, Ivey Purchasing Managers Index (PMI) data showed on Thursday. The seasonally adjusted index rose to 58.2 from 51.6 in February. The Ivey PMI measures the month to month variation in economic activity as indicated by a panel of purchasing managers from across Canada. The gauge of employment rose to an adjusted 60.3 from 59.4 in February, while the inventories index was up at 54.5, its highest since October, from 53.7. The unadjusted PMI rose to 65.2, its highest since May, from 50.8.

☆ U.S. weekly jobless claims still low; corporate profits fall in Q4
▼ + stars: | 2023-03-30 | by ( Lucia Mutikani | ) www.reuters.com time to read: +6 min

Initial claims for state unemployment benefits increased 7,000 to a seasonally adjusted 198,000 for the week ended March 25, the Labor Department said. Claims have remained very low, bouncing around in a tight range despite high-profile layoffs in the technology industry. The so-called continuing claims covered the period during which the government surveyed households for the unemployment rate for March. Continuing claims increased moderately between the February and March survey weeks. The unemployment rate was at 3.6% in February.

☆ US weekly jobless claims tick down as labor market remains tight
▼ + stars: | 2023-03-23 | by ( Lucia Mutikani | ) www.reuters.com time to read: +3 min

The weekly unemployment claims report is the most timely data on the economy's health. "A week after the banking panic began, the labor market is steady as a rock with no new layoffs nationwide," said Christopher Rupkey, chief economist at FWDBONDS in New York. Initial claims for state unemployment benefits fell 1,000 to a seasonally adjusted 191,000 for the week ended March 18. TIGHTENING CREDIT CONDITIONSEconomists expect labor market conditions to loosen, especially in the wake of the collapse of Silicon Valley Bank in California and Signature Bank in New York. The so-called continuing claims increased 14,000 to 1.694 million during the week ending March 11, the claims report showed.

☆ Turkey's Hepsiburada to prioritise profitability, customer retention -CEO
▼ + stars: | 2023-03-23 | by ( ) www.reuters.com time to read: +2 min

March 23 (Reuters) - Turkey's only listed e-commerce platform Hepsiburada (HEPS.O) will prioritise profitability over rapid growth and step up efforts to retain customers who are being hit by soaring inflation. "My mandate here is to improve profitability", new Hepsiburada CEO Nilhan Onal Gokcetekin told reporters late on Wednesday. Gokcetekin said the path to improved profitability began with retaining customers through a company loyalty programme. However, Hepsiburada's net loss widened to 2.9 billion lira ($152 million) in 2022 from 2 billion lira a year earlier, while earnings before interest, tax, depreciation and amortisation (EBITDA) narrowed to a loss of 2.6 billion from a 3.7 billion loss in 2021. That compares with a 7 million lira EBITDA loss in the last quarter of 2022.

☆ What to expect from the February jobs report
▼ + stars: | 2023-03-10 | by ( Alicia Wallace | ) edition.cnn.com time to read: +8 min

Minneapolis CNN —January’s jobs report delivered a heck of a surprise when it showed the US economy had added more than half a million jobs and unemployment had dipped to a level not seen in more than five decades. But economists say they are not bracing for another blindside when the February jobs report comes out on Friday morning. “If we get a second strong jobs report [on Friday], it’s no longer an anomaly,” Terrazas added. Seasonality, benchmarking and the interplay of pandemic-era data don’t completely explain away January’s blockbuster jobs report, economists say, noting there are likely influences from the currently tight labor market. The Bureau of Labor Statistics’ February jobs report is set to be released at 8:30 a.m.

☆ US weekly jobless claims post largest rise in 5 months; labor market still tight
▼ + stars: | 2023-03-09 | by ( Lucia Mutikani | ) www.reuters.com time to read: +6 min

"Even after factoring in the latest increase, jobless claims are exceptionally low by historical standards, underscoring just how tight labor market conditions still are," said Michael Pearce, lead U.S. economist at Oxford Economics in New York. The four-week moving average for new claims, a better measure of labor market trends as it irons out weekly fluctuations, climbed 4,000 to 197,000 last week. Claims had stayed below 200,000 for seven straight weeks, indicating that high-profile job cuts in the technology sector had not had a material impact on the labor market. Goldman Sachs believed residual seasonality accounted for about half of last week's rise in claims. The labor market is, however, cooling on the margins.

☆ February jobs preview: What to expect after January’s blowout report
▼ + stars: | 2023-03-09 | by ( Alicia Wallace | ) edition.cnn.com time to read: +8 min

Minneapolis CNN —January’s jobs report delivered a heck of a surprise when it showed the US economy had added more than half a million jobs and unemployment had dipped to a level not seen in more than five decades. But economists say they are not bracing for another blindside when the February jobs report comes out on Friday. “I think most economists were comfortable dismissing the January jobs data as an anomaly,” Aaron Terrazas, Glassdoor’s chief economist, told CNN. “If we get a second strong jobs report [on Friday], it’s no longer an anomaly,” Terrazas added. Seasonality, benchmarking and the interplay of pandemic-era data don’t completely explain away January’s blockbuster jobs report, economists say, noting there are likely influences from the currently tight labor market.

☆ Britain's startup ecosystem dominates VC funding but it boasts one of Europe's worst gender pay gaps, new report shows
▼ + stars: | 2023-03-08 | by ( Riddhi Kanetkar | ) www.businessinsider.com time to read: +3 min

Women earn 81 cents for every euro that men earn at European startups, a new report has found. The sector has an unadjusted pay gap of 19%, according to an analysis by data firm Figures. The unadjusted gap in the UK was an improvement on the 30% gap recorded last year. Germany tailed the UK, showcasing an unadjusted gender pay gap of 22%, followed by the Netherlands at 20%, and France at 15%. How different organizations measure the pay gap can vary but the wider bloc's gap is estimated to be around 13%, considerably lower than the tech sector's 19% gulf.

☆ Canada's Ivey PMI shows activity expanding at slower pace in February
▼ + stars: | 2023-03-06 | by ( ) www.reuters.com time to read: 1 min

OTTAWA, March 6 (Reuters) - Canadian economic activity expanded at a slower pace in February, Ivey Purchasing Managers Index (PMI) data showed on Monday. The seasonally adjusted index fell to 51.6 from 60.1 in January. The Ivey PMI measures the month to month variation in economic activity as indicated by a panel of purchasing managers from across Canada. The gauge of employment fell to an adjusted 59.4 from 60.5 in January, while the supplier deliveries index was at 55.8, up from 52.3. The unadjusted PMI fell to 50.8 from 54.7.

☆ US labor market stays resilient; Q4 labor costs revised higher
▼ + stars: | 2023-03-02 | by ( Lucia Mutikani | ) www.reuters.com time to read: +6 min

Those worries were further heightened by another report from the Labor Department on Thursday showing labor costs grew much faster than previously estimated in the fourth quarter. The labor market remains tight despite rising risks of a recession, contributing to keeping inflation elevated via solid wage gains. But even using alternative seasonal adjustments, economists say the labor market still is exhibiting tightness. A second report from the Labor Department showed unit labor costs - the price of labor per single unit of output - grew at a 3.2% annualized rate last quarter. Labor costs accelerated at a 6.9% rate in the third quarter, and notched hefty gains in the prior two quarters.

☆ US labor market remains tight; Q4 labor costs revised higher
▼ + stars: | 2023-03-02 | by ( Lucia Mutikani | ) www.reuters.com time to read: +4 min

Those worries were further heightened by another report from the Labor Department on Thursday showing labor costs grew much faster than previously estimated in the fourth quarter. The labor market remains tight despite rising risks of a recession, contributing to keeping inflation elevated via solid wage gains. A second report from the Labor Department showed unit labor costs - the price of labor per single unit of output - increased at a 3.2% annualized rate last quarter. Labor costs rose at a 6.9% rate in the third quarter, and notched hefty gains in the prior two quarters. The unemployment rate at 3.4% in January was the lowest in more than 53 years.

☆ China urban employment, per capita spending logged rare declines in 2022
▼ + stars: | 2023-02-28 | by ( Joe Cash | ) www.reuters.com time to read: +2 min

BEIJING, Feb 28 (Reuters) - China's urban employment fell for the first time in six decades last year and per capita spending also marked a rare decline, as harsh COVID-19 curbs ravaged the world's second-biggest economy. The new data from the National Bureau of Statistics also showed the smallest income growth in more than three decades. The number of China's urban jobs dropped by 8.4 million to 459.31 million, the first drop since 1962. Per capita spending fell 0.2% in real terms, the statistics bureau data showed. Disposable income per capita in China grew by just 2.9% in real terms, the second smallest rise since 1989.

☆ China per capita spending last year marked rare decline in real terms
▼ + stars: | 2023-02-28 | by ( Joe Cash | ) www.reuters.com time to read: +2 min

BEIJING, Feb 28 (Reuters) - Per capita spending in China fell 0.2% in real terms last year as harsh COVID curbs took their toll on consumer appetite, marking only the third such decline since records for that data began in 1980. That in turn was a rebound from a decline of 4% in 2020 during the initial throes of the coronavirus pandemic. As a result, income per capita in China grew by just 2.9% in real terms, the second smallest rise since 1989 and retail sales fell 0.2%, the second worst performance since 1968. Xu Tianchen, an economist at the Economist Intelligence Unit said, a steep drop in income growth for China's lowest income earners was a key factor behind the weak spending data. Rural areas performed better than urbanised zones, with the incomes of rural households growing by 4.2% in real terms on the year, compared with 1.9% growth in real terms for urban residents.

☆ Buy this little-known biotech stock set to rally nearly 60% as use of gene therapy grows, Goldman Sachs says
▼ + stars: | 2023-02-28 | by ( Samantha Subin | ) www.cnbc.com time to read: +1 min

Shares of Krystal Biotech can rally nearly 60% as use of its gene therapy to treat cases of herpes simplex virus mount, Goldman Sachs said. Given the promising outlook for the treatment, Kumar raised Goldman's peak global unadjusted sales expectations to $1.2 billion from $1.5 billion. He also expects a rapid launch of the therapy, anticipating 25% and 48% peak penetration in 2024 and 2025. Along with the upgrade, Kumar upped the Wall Street firm's price target to $124 from $79, suggesting that shares could potentially rally about 59%. KRYS YTD mountain Krystal Biotech shares so far this year — CNBC's Michael Bloom contributed reporting

☆ Robinhood’s stock awards tell a cautionary fable
▼ + stars: | 2023-02-22 | by ( John Foley | ) www.reuters.com time to read: +7 min

The now-abandoned payouts to Tenev and Bhatt were a slab of “market-based restricted stock units” distributed ahead of Robinhood’s initial public offering in July 2021. The system works in reverse, too, however: When executives give back stock awards, the company gains nothing in cash terms. U.S. accounting rules treat stock awards geared to a company’s stock price as a gift that cannot be returned. In short, by handing back their awards, Robinhood’s founders have neither robbed from themselves, nor given to anyone else. Even without this unhappy effect on earnings, shareholders should be wary of the kinds of awards Robinhood doled out at its public company debut.

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