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US: Rise in jobless claims and decline in import prices – Goldman Sachs

FXStreet (Delhi) – Elad Pashtan, Research Analyst at Goldman Sachs, notes that in the US, the initial and continuing jobless claims both rose more than expected while the import prices showed a smaller than expected decline.

Key Quotes

“Initial jobless claims increased to 282k for the week ended December 5 (vs. consensus 270k), reaching a five-month high. Continuing claims rose to 2,243k from 2,161k last week. Although these readings may reflect some genuine weakness, on an absolute basis claims remain near their post-recession lows.”

“Import prices declined by 0.4% in November, less than consensus expectations for a 0.8% decline. The reading reflected a continued fall in imported petroleum prices (-2.5% mom and -44.5% on a yoy basis) and softness in industrial supplies prices (-1.5% mom). In contrast, finished consumer goods (ex-autos) prices were flat on the month. Overall, weak commodity prices and the strong dollar.”

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