The CML Close - Market mixed, jobless claims up, deluge of employment data out on Friday - 08-04-2022
Markets
Stocks were mixed and little changed on the day. Initial jobless claims and the 4-week moving average for jobless claims continues to climb, though both are far below levels seen before COVID.
Inflation is the only thing that matters to Jay Powell.
| • SPX | 4,151.94 | -3.23 | (-0.08%) |
| • NASD | 12,720.58 | +52.42 | (+0.41%) |
| • DJIA | 32,726.82 | -85.68 | (-0.26%) |
| • R2K | 1,906.46 | -2.47 | (-0.13%) |
| • VIX | 21.44 | -0.51 | (-2.32%) |
| • Oil | 88.10 | -2.56 | (-2.82%) |
• Jobless claims continued to rise, perhaps a sign to wage inflation in an otherwise strong labor market.
• Walmart laysoffs corporate workers.
• OPEC added 100,000 barrels a day to its quota starting in September.
• Deluge of employment data due tomorrow, including average hourly earnings for workers, the unemployment rate, and labor force participation.
Headlines of the Day
Stocks Wavered Ahead of Jobs Data
Attention remains firmly focused on the health of the economy and how it could affect the Federal Reserve's pathway on monetary policy.
For Jay Powell, the Only Focus Is Inflation
The Fed chair is going to do whatever it takes to stamp out rising prices, even if means causing a recession.
Walmart Lays Off Hundreds of Corporate Workers
Retailer is restructuring headquarters operations after warning of profit troubles
OPEC Agrees on a Small Output Increase. Oil Prices Rise.
OPEC and its allies, known as OPEC+, will collectively increase production by 100,000 barrels a day in September, amid an escalating energy cost crisis.
Weekly jobless claims rise to 260,000 ahead of nonfarm payrolls report
Initial claims for unemployment insurance totaled 260,000 last week, in line with estimates.
Economic Data Results for 8-4-2022
Challenger Job Cuts JUL
US-based companies announced plans to cut 25,810 jobs from their payrolls in July of 2022, a 36.3% increase from the 18,942 cuts announced in July of 2021. The figure marks the second-highest amount of job cuts in the year so far, easing from the 16-month high of 32,517 in June.
Jobless Claims 4-week Average 30/JUL
Jobless Claims 4-week Average in the United States increased to 254,750 in July 30 from 248,750 in the previous week.
Continuing Jobless Claims 23/JUL
Continuing Jobless Claims in the United States increased to 1416 thousand in the week ending July 23 of 2022 from 1368 thousand in the previous week.
United States Initial Jobless Claims
The number of Americans filing new claims for unemployment benefits rose by 6 thousand to 260,000 the week that ended July 30th, surpassing market expectations of 259,000.
Economic Data Due Tomorrow on 8-5-2022
Non Farm Payrolls JUL
Unemployment Rate JUL
United States Average Hourly Earnings YoY
United States Labor Force Participation Rate
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