WASHINGTON - The number of Americans filing for unemployment benefits fell last week, suggesting the labor market was on solid footing despite the coronavirus outbreak, which has stoked financial market fears of a recession and prompted an emergency interest rate cut from the Federal Reserve.
The Fed on Tuesday slashed its benchmark overnight interest rate by a half percentage point to a target range of 1.00% to 1.25%. It was the U.S. central bank’s first emergency rate cut since the height of the financial crisis in 2008. Fed Chair Jerome Powell acknowledged the economy’s strong fundamentals, but said, “the coronavirus poses evolving risks to economic activity.”
The coronavirus, which causes a flu-like illness, has killed more than 3,000 people and sickened at least 90,000, mostly in China. In the United States, 11 people have died from the disease and the number of infections has exceeded 100. U.S. financial markets were little moved by the upbeat labor market data as investors worried about the spread of the coronavirus outbreak in the United States. U.S. stock index futures plunged, while prices of U.S. Treasuries were trading higher. The dollar .DXY was weaker against a basket of currencies. Last week’s claims data has no bearing on February’s employment report, which is scheduled for release on Friday.
Because many either work sick or don't get paid...
Those numbers are not a correct interpretation of our market, as far as jobs. People that claim unemployment are only that way for 26 weeks and then are put back on the employed stack.
Dow down 959 today. And falling.
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