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US jobless claims fall to lowest level since 1969 as US economy grows 2.1% – as it happened | Business

Mount Equity Group Tokyo, Japan > News > Markets > US jobless claims fall to lowest level since 1969 as US economy grows 2.1% – as it happened | Business

US stocks are set to open slower on the back of disappointing earnings from a number of big retailer names, after a mixed bag of US data and amid growing Covid concerns in Europe.

On the one hand, Q3 GDP was revised up in the second estimate to 2.1%, from 2% thanks to stronger than initially estimated consumer spending. However, this was still short of forecasts of an increase to 2.2%. This is still down sharply from 6.7% in Q2 amid a resurgence of Covid, supply chain disruptions and labour shortages.

Alongside a slightly disappointing GDP print were weaker than forecast durable goods sales. Durable goods sales unexpectedly contracted in October to -0.5% month-on-month, down from -0.4% in September and well short of the 0.2% increase forecast.

On the other side of the coin, US jobless claims figures were impressive falling to a level not seen since 1969. The significant drop in jobless claims is offsetting weak data…

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