STORY HIGHLIGHTS


Drop in US unemployment figures

CNC
Added On August 11, 2018

 In the U.S., the number of people filing for unemployment benefits fell unexpectedly last week.

 
The data comes amid ongoing trade tensions between the U.S. and its trading partners.
 
The U.S. Labor Department said initial claims for state unemployment benefits dropped by 6,000 to around 213,000 last week.
 
The claims data is being closely watched for signs of layoffs caused by the Trump administration's trade policy.
 
The recent moves on tariffs have the U.S. in quid pro quo trade conflicts with major trade partners including China, Mexico, Canada and the EU.
 
Manufacturers are increasingly complaining about the rise in steel prices, increasing production costs for aluminum, and disruptions to the supply chain.
 
There have been reports of companies laying off workers or planning job cuts because of import tariffs.
   
But job unemployment claims dropped to 208,000 during the week of July 14, the lowest reading since December 1969.
 
Economists had forecast claims increasing to 220,000 in the latest week.
 
On currency exchange, the dollar was trading higher than usual.
 
Prices for U.S. Treasuries also rose while stocks on Wall Street showed mixed fluctuations. 
 
Other data on Thursday showed a solid increase in underlying producer prices in July.
 
The U.S. Labor Department said its producer price index rose 0.3 percent last month, excluding the volatile food, energy and trade services components.