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The number of initial jobless claims in the U.S. surged, and the pricing for the Fed's interest rate cut next week has been fully absorbed.
[Initial jobless claims in the U.S. surged, and the Fed's interest rate cut pricing for next week has been fully digested] Last week, the number of initial jobless claims in the U.S. rose significantly, consistent with a clear softening in the labor market. The U.S. Bureau of Labor Statistics reported on Thursday that for the week ending September 6, initial jobless claims increased by 27,000 to 263,000, higher than the previous value of 236,000 and the expected value of 235,000. The U.S. government stated this week that non-farm employment figures may have been overstated by 911,000 over the 12 months ending in March. Last week's non-farm report indicated that job growth in August nearly stalled, and jobs declined in June, marking the first such occurrence in four and a half years. The New York Fed survey also showed that consumer confidence in finding jobs dropped to its lowest level since June 2013 in August. The Fed is expected to cut interest rates next week, with a 25 basis point cut already fully digested by the market.