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The number of initial jobless claims in the United States has surged, and the Fed's interest rate cut next week has been fully priced in.
BlockBeats News, September 11th: Last week, the initial jobless claims in the United States saw a sharp increase, in line with a noticeable softening of the job market. The U.S. Bureau of Labor Statistics announced on Thursday that the number of initial jobless claims for the week ending September 6th increased by 27,000 to 263,000, higher than the previous value of 236,000 and the expected value of 235,000.
This week, the U.S. government stated that over the 12 months ending in March, nonfarm payroll employment may have been overstated by 911,000. The nonfarm report last week revealed that job growth in August was nearly stagnant, with job losses in June, marking the first time in four and a half years.
A New York Fed survey also indicated that consumer confidence in finding a job in August fell to the lowest level since June 2013. The Federal Reserve is expected to cut interest rates next week, and the 25 basis point rate cut has already been fully priced in by the market. (FXStreet)
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