Skyscrapers in Philadelphia

Labour market recovery progresses as continuing jobless claims collapses by over 1m

Economists and analysts had been expecting this week’s initial jobless claims figure to remain the same as last week’s 1.3m, however, today’s jump to 1,416,000 missed by a wide margin. The initial claims data adds to pressure on legislators to pass a new stimulus package ahead of the summer recess, so as to ensure the

Boston's skyline

US house prices fell month-on-month for the first time in 9 years

Data released today by the Federal Housing Finance Agency showed house prices fell 0.3% from April to May, as Covid-19 shutdowns and stay-at-home orders made selling homes logistically difficult for homeowners. Consensus expectations were for a 0.3% growth in house prices. Today’s announcement marks the first time the index has recorded a month-on-month contraction since

Wall street sign

Goldman Sachs shares surge after reporting strong 2Q earnings

This Wednesday, Goldman Sachs announced second-quarter earnings that crushed analysts’ expectations and displayed one of their best quarters in years. The investment bank generated $2.42 billion in profit, or $6.26 a share beating analysts’ estimates of $3.96 per share. In a statement, CEO David Solomon stated “the turbulence we have seen in recent months only

Clothing store in the US

US retail sales and continuing jobless claims beats forecasts

The Federal Reserve’s beige book (a report published eight times a year providing commentary on current and future economic conditions based on survey responses from key business contacts, economists, market experts, and other sources) set the tone for this week’s positive economic data out of the US. The report found activity had increased in each

Wells Fargo high street ATMs.

Wells Fargo’s woes, J.P. Morgan’s jubilation

Wells Fargo and J.P. Morgan announced their second quarter results on Tuesday, which underwhelmed and overwhelmed investors, respectively. J.P. Morgan’s share price closed up 0.5% on Tuesday, after rising as much as 2% during Tuesday’s trading session, as the US’s largest bank reported forecast-beating results on its top and bottom line. Wells Fargo, on the

Newly released survey data shows US economy in better shape than expected

Data released this afternoon gave credence to the notion that non-manufacturing economic activity is recovering in a V-shaped fashion. US equity indices are up by over 1% as investors jubilantly cheer the economic data in spite of record Covid-19 case rises over the weekend. IHS Markit’s US Services PMI for the month of June was

US non-farm payrolls smashes consensus for 2nd month in a row

Today, the US Bureau of Labour Statistics’s data showed that 4.8m Americans found work in the month to 12 June, whilst last month’s release was revised upwards to 2.7m from 2.5m. The report significantly cleared consensus expectations of jobs growth of 3m and caused European stock bourses to surge almost 1% higher in reaction to

US initial claims falls by 60k to 1.48m although California experiences a surge

Data released at 08:30(EST) by the US Department of Labor showed new unemployment claims were 1.48m in the week ending 20th June. Despite these new claims, continuing unemployment claims fell by 767,000 to 19,522,000, marking a slow but steady return to work for Americans. This week’s new unemployment claims declined by 60,000 on last week’s

Solid PMIs and new home sales nudges S&P 500 higher

The S&P 500 closed up 0.43% to 3,131.29 as manufacturing and services PMIs came in ahead of expectations. The US census bureau also announced firm new home sales numbers of 676,000 for May, which translates into a 16.6% month-on-month increase. Market expectations were for a 2.9% month-on-month increase in new home sales on April’s figure,

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