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US jobs figures not pointing to sharp recovery

Thursday, November 05, 2020

US jobless claims for the week up to 31 October continue to remain stubbornly high. Coming in at 751,000 after the previous print of 758,000, the figure is not pointing to any sharp job recovery. Not that the markets will really focus on this number as the US election outcome still weighs the highest on all minds at the moment. We will see comments from the Federal Reserve later about how they can support the US economy given that the prospect of immediate larger scale fiscal stimulus has retreated into the long grass for the time being. The US economy is slowing and needs assistance to maintain its consensus expectation built into markets, without it then downside moves are more than likely. 

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