WASHINGTON: The number of Americans filing applications for unemployment benefits increased more than expected last week, suggesting the labour market was slowing, but probably not to the extent implied by a near-stall in job growth in February.
"If the Fed is reading the tea leaves the economic brew of data are distinctly on the weak side today, and will keep Fed policy cemented in place at next week's meeting," said Chris Rupkey, chief economist at MUFG in New York.AdvertisementInitial claims for state unemployment benefits rose 6,000 to a seasonally-adjusted 229,000 for the week ended Mar 9, the Labour Department said on Thursday. Data for the prior week was unrevised.
Washington's trade war with Beijing, slowing demand overseas and uncertainty over Britain's exit from the European Union are also hurting economic activity.The government reported last week that non-farm payrolls increased by only 20,000 jobs in February, the weakest since September 2017, in part as payback after hefty gains in the prior two months. But the unemployment rate dropped two-tenths of a percentage point to 3.8 per cent and annual wage growth was the strongest since 2009..
Expensive lumber as well as land and labour shortages continue to constrain builders. Economists expect the housing market, which hit a soft patch last year, to remain sluggish through the first half of 2019.The dollar was trading higher against a basket of currencies. US Treasury prices rose, while stocks on Wall Street fell.
In the 12 months through February, import prices fell 1.3 per cent. That followed a 1.6 per cent decline in January.
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