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The markets experienced more risk-off mood this afternoon, part of the negativity stems from the increasing covid case counts in China and fresh editorials in state-controlled media calling for covid-zero.
Also, data came in worse than expected this afternoon. With that said it is time to examine the data points this afternoon to explain more about the market mood.
The Philadelphia Fed Manufacturing Index in the US fell to -19.4 in November of 2022 from -8.7 last month, the lowest since May of 2020 and well below market expectations of -6.2.
The general activity index declined further, the new orders index remained negative, and the shipments index remained positive but low. The employment index declined but continued to suggest overall hiring, and the price indexes continued to suggest overall increases.
Although the survey’s future indexes rose slightly, they continued to suggest that the firms expect overall declines in activity and new orders six months from now.
The number of Americans filing new claims for unemployment benefits fell by 4,000 to 222,000 on the week ending November 12th, below expectations of 225,000, pointing to a continuously tight job market and adding leeway for the Federal Reserve to tighten policy, despite the surge in layoffs from large tech companies.
On a seasonally unadjusted basis, initial claims fell by 6,101 to 199,603, with significant decreases seen in Kentucky (-3,322), Georgia (-1,902), and Texas (-1,498). The four-week moving average, which removes week-to-week volatility, rose by 2,000 to 221,000.
The number of Americans filing new claims for unemployment benefits fell by 4,000 to 222,000 on the week ending November 12th, below expectations of 225,000, pointing to a continuously tight job market and adding leeway for the Federal Reserve to tighten policy, despite the surge in layoffs from large tech companies.
On a seasonally unadjusted basis, initial claims fell by 6,101 to 199,603, with significant decreases seen in Kentucky (-3,322), Georgia (-1,902), and Texas (-1,498). The four-week moving average, which removes week-to-week volatility, rose by 2,000 to 221,000.
