US Initial Claims Slip, but Stay Above 1 Million

The pace of initial claims gains continues to astound, with COVID-19 cases surging in several states that are causing some restrictions to be put back into place. Initial filings fell further in the July 4 holiday week, but the weekly level of new claims remains well above one million more than three months after the […]
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InTouch FX Hires Elmer, Dack, for Asian Expansion

Real-time market intelligence firm InTouch Capital Markets has hired two FX market veterans, Todd Elmer and Keith Dack, for its InTouch FX service in Asia. The two new hires will work alongside the firm’s existing teams covering the European and US sessions and allow it to provide analysis on a 24-hour basis. InTouch Capital Markets […]
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UK Confirms Wind Down of Job Protection Scheme

The UK Treasury will end its job protection programme at the end of October, raising fears of a surge in unemployment as the government furlough scheme winds down beginning in August. “The furlough scheme cannot and should not go on forever…leaving it open forever gives people false hopes” of returning to work, said Chancellor of […]
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Fed Presidents See Huge Pandemic-Caused Challenges

The presidents of the Richmond and San Francisco Federal Reserve Banks Tuesday saw huge challenges ahead as government virus response programs ebb, landlords without rent payments pressure banks, displaced workers stay unemployed, and customers get less enthusiastic about visits to bricks and mortar establishments as the pandemic hangs on. Richmond Bank President Tom Barkin saw […]
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Fed’s Bostic: High Frequency Data Show Economy Levelling Off

Recent high frequency economic data suggest the recovery is slowing as virus infections rise, Atlanta Fed President Raphael Bostic said Tuesday. Bostic, in webinar remarks to the Tennessee Business Roundtable, said the economy is rebounding from its depths in the first part of the second quarter, but “more recent economic data show the upward trajectory […]
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Services Sector Conditions Headline Light Data Week Ahead

After a very busy data week that finished off with a 4.80 million June payrolls gain and a decline in the unemployment rate to 11.1%, analysts and the markets can look forward to a three-day weekend and a very light data week ahead. Monday’s nonmanufacturing data for June starts off the week ahead. The regional […]
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June US Manufacturing Moves Back to Positive

The June ISM index showed US manufacturing sector activity improved further, in line with the regional and Markit data. Survey respondents in the ISM report noted a rebound in demand has kept factories busy. The headline PMI index improved to 52.6 from 43.1 in May, above expectations for an increase to 49.1 and indicating expansion. […]
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US June Confidence Up: Covid Rebound Could Hit July

The Conference Board’s US consumer confidence index rose solidly to a reading of 98.1 in June from a downward revised 85.9 reading in May, but a resurgence of Covid-19 cases at the end of the month and the dwindling effects of the stimulus payments suggest another increase in July is not a guarantee. Analysts had […]
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Will Employment Report Provide Early Fireworks?

Before the Fourth of July holiday, there are plenty of opportunities for the June US data to create further buzz after a partial recovery in May. The employment report released Thursday – early because of the pending holiday – is undoubtedly the highlight of the week ahead of Friday’s observed holiday. May’s 2.5 million payrolls […]
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US May Personal Income Slows, Spending Soars

Personal income fell in May after a large runup in April on government stimulus payments, while spending surged as businesses partially reopened, the Commerce Department reported Friday. Personal income fell by 4.2% in May ahead of the 6.0% decline expected after a 10.8% jump in April. Current transfer receipts fell by $1.1 trillion after a […]
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