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Firing Decline Helps Boost Confidence in U.S.: Economy




Unemployment remains a crucial factor to monitor for forex trading. Being a core component of the economy, any increase or decrease may suggest future sentiments. In recent times, rhe sentiments towards the US remains warm. Good reading from Bloomberg.



Applications for unemployment benefits declined last week and Americans’ views of the economy were the brightest since early 2008 on the heels of a housing market recovery and higher stock prices. Jobless claims fell 11,000 in the week ended June 1 to 346,000, the Labor Department said today in Washington. Sentiment about the state of the economy improved to the best level since January 2008, helping keep the Bloomberg Consumer Comfort Index at minus 29.7, close to a five-year high. Waning dismissals, rising property values and higher stock prices this year will help underpin household spending and allow the economy to withstand budget cuts that are slowing growth this quarter. At the same time, the expansion would benefit more from bigger job and wage gains, and figures tomorrow are projected to show limited improvement in the pace of hiring. “There’s some modest hiring taking place,” said Millan Mulraine , director of U.S. rates research at TD Securities USA LLC in New York , who projected 345,000 claims for last week. “Confidence is pointing to a fairly robust rebound in consumer activity.” Stocks rose, with the Standard & Poor’s 500 Index erasing earlier losses to snap a two-day losing streak. The S&P 500 climbed 0.9 percent to 1,622.56 at the close in New York. Equities fell as much as 0.7 percent earlier in the day after European Central Bank President Mario Draghi said the euro-area economy will return to growth by the end of the year, handing policy makers a reason to hold back fresh stimulus. He spoke after the ECB’s Governing Council left is main refinancing rate at 0.5 percent after reducing it by a quarter point last month. German Economy Ebbing overseas demand for American-made goods also helps explain why U.S. companies are limiting payroll growth. A report […]

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