This morning's economic data showed import Prices rising and jobless claims falling from expected levels. In other words, the economy is still growing, hiring. Export price data fell.
Initial jobless claims were close to 200k lower than expected, falling below 1mm for the first time in 21 weeks.
The corporate business media is fading this announcement.
Financial markets look to be flat (although now slightly higher on this morning's data) on the open after yesterday's rally as stimulus talks in Congress to provide further relief for the Chinese coronavirus break down in Washington, endangering the recovery as the election approaches.
Import Price Index (MoM) (Jul) printed at 0.7% vs 0.4 consensus estimate.
Continuing Jobless Claims (Jul 31) printed at 15.486 vs 15.898M estimate.
Import Price Index (YoY) (Jul) printed at -3.3% vs -1.7% estimate.
Export Price Index (MoM) (Jul) printed at 0.8% vs 0.6% estimate.
Export Price Index (YoY) (Jul) printed at -4.4% vs -2.5% estimate.
Initial Jobless Claims (Aug 7) printed at 963k vs 1120k estimate.
Initial Jobless Claims 4-week average (Aug 7) printed at 1252.75k.
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