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  • Aug 22, 2024

U.S. applications for unemployment benefits inch up, but remain at historically healthy levels

Jobless claims rose by 4,000 to 232,000 for the week of Aug. 17, the Labor Department reported Thursday. Weekly filings for unemployment benefits, which are a proxy for layoffs, remain low by historic standards. The Federal Reserve, fighting inflation that hit a four-decade just over two years ago, raised its benchmark interest rate 11 times in 2022 and 2023, taking it to a 23-year high.

  • Aug 22, 2024

US jobless claims, business activity keep economy on gradual cooling path

(Reuters) -The number of Americans filing new applications for unemployment benefits ticked up in the latest week, but appeared to be steadying near a level consistent with a gradual cooling of the labor market that should set the stage for the Federal Reserve to kick off interest rate cuts next month. A slowdown in overall U.S. business activity this month as firms faced diminished ability to push through price increases added to the evidence that the economy is slowing and inflation is downshifting to a degree that should allow Fed officials to focus more attention on the job market. With a rate cut now broadly expected next month, interest rates on home loans have already begun dropping, and that helped fuel a larger-than-expected rebound in existing home sales last month.

  • Aug 22, 2024

El-Erian Says Market Is Pricing In Too Many Fed Rate Cuts

(Bloomberg) -- Traders are overplaying the prospects of an aggressive series of Federal Reserve interest-rate cuts before the end of the year, according to Mohamed El-Erian. Most Read from BloombergChicago's Migrant Surge Is Stirring Trouble for Democrats in DNC Host CityUK Transport Minister Clears Path for More 20mph Speed ZonesWith Self-Driving Vans, Hamburg Tries to Make Microtransit WorkThe Serious Work That Free Play Can Do“It is problematic in my mind that the market is pricing in so many

  • Aug 22, 2024

Fed’s Harker Says Need More Data Before Deciding Rate-Cut Size

(Bloomberg) -- Federal Reserve Bank of Philadelphia President Patrick Harker said economic data in the coming weeks will help inform the appropriate magnitude of the US central bank’s first interest-rate cut.Most Read from BloombergChicago's Migrant Surge Is Stirring Trouble for Democrats in DNC Host CityUK Transport Minister Clears Path for More 20mph Speed ZonesWith Self-Driving Vans, Hamburg Tries to Make Microtransit WorkThe Serious Work That Free Play Can Do“In September we need to start a

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