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December 7, 2023
First-time claims for U.S. unemployment benefits inched slightly higher during the first week of December, according to a report released by the Labor Department. Moreover, initial jobless claims ticked up to 220,000, an increase of 1,000 from the previous week's revised level of 219,000. Economists had expected jobless claims to rise to 222,000 from the 218,000 originally reported last week week. The Labor Department said the less volatile four-week moving average also crept up to 220,750, an increase of 500 from the previous week's average of 220,250. 12/07/2023 - 08:37:00 (RTTNews)
Euro traded at 1.0788 against USD at 9:00 am PST.
The euro area economy contracted marginally in the third quarter as previously estimated, solely due to weaker global demand, suggesting that the currency bloc is on the verge of a recession. GDP shrunk 0.1% quarterly, offsetting the 0.1% expansion in the second quarter, data published by Eurostat showed on Thursday. The statistical office revised down the second quarter growth from 0.2%. YoY, GDP remained flat, which was revised down from the initially estimated 0.1% expansion. But the second quarter growth was lifted to 0.6% from 0.5%. The breakdown of the third quarter GDP, released for the first time, showed that the contraction was driven by the net trade. Household consumption and government spending grew 0.3% each. At the same time, gross fixed capital formation remained flat. Exports fell 1.1%, falling for the second straight time. Imports slid 1.2% after remaining flat. The quarterly growth in employment improved to 0.2% from 0.1%.
Meanwhile, the annual increase softened to 1.3% from 1.4%. Eurostat estimated that in the third quarter, nearly 168.7 million people were employed in the euro area. In the third quarter, productivity based on persons decreased by 1.2% compared to the same quarter of the previous year. 12/07/2023 - 08:27:00 (RTTNews)
Germany's industrial production declined unexpectedly in October driven by the fall in machinery and equipment output, reinforcing fears of a recession at the end of this year. Industrial production logged a monthly fall of 0.4% in October, slower than the 1.3% decrease in September. However, production marked the fifth consecutive decrease and confounded economists' forecast of a 0.2% gain. Excluding energy and construction, industrial production shrunk 0.5% from last month, data showed. The overall fall in production was attributable to the 6.3% decline in the manufacture of machinery and equipment sector, Destatis said.
Meanwhile, a 0.7% rise in auto production supported growth. Output of capital goods decreased 1.0% and that of intermediate goods dropped 0.4%. By contrast, consumer goods output gained 0.4%. Energy output moved up 7.1%, while construction output slid 2.2% from the prior month. Yearly, industrial production posted a fall of 3.5% after a 3.6% decrease. Data released on Wednesday showed that factory orders declined 3.7% in October, which was the first fall in three months. The manufacture of machinery and equipment sector was the major contributor to the decline. 12/07/2023 - 05:49:00 (RTTNews)
China Yuan traded at 7.1506 against USD at 9:00 am PST.
China's exports posted a surprise growth in November, which was largely due to the low base of comparison, while imports dropped unexpectedly suggesting that overall trade remains sluggish. Data released by the Customs Office showed that exports increased 0.5% from a year ago in November, confounding expectations for a decline of 1.1%. This followed a sharp 6.4% decrease in October. Moreover, the increase was the first in seven months. On the other hand, imports registered a 0.6% decline, in contrast to the 3.3% growth forecast. In October, imports had increased 3.0%. Consequently, the trade surplus rose to around $68.4 billion from $56.5 billion a month ago. The surplus was forecast to rise to $58 billion. Exports to the U.S. advanced more than 7.0% but shipments to the E.U. decreased 14.5%.
Without the support of price cuts, exports are unlikely to defy the slowdown in economic growth among major trading partners, they noted. Earlier this week, Moody's downgraded China's sovereign rating outlook to 'negative' from 'stable' and retained its credit ratings. The agency assessed that fiscal support measures amid property market downturn poses downside risks to fiscal health. On Thursday, S&P Global reportedly maintained the credit rating of China at A+ with a stable outlook. In another report, S&P Global warned that the slump in China could spread to other regions given the country's large proportion of global trade. The rating agency projected China's GDP growth to slow to 4.6% in 2024 from an estimated 5.4% this year. Growth is forecast to rise to 4.8% in 2025 and return to 4.6% in 2026. 12/07/2023 - 03:31:00 (RTTNews)