US: Another negative print in NFP in January remains within the realm of possibility – Wells Fargo
|Data released on Thursday showed a larger-than-expected decline in initial and continuing jobless claims in the US. According to analysts at Wells Fargo it is a welcome development but they warn new filings remains elevated.
Key Quotes:
“At 900K, initial claims remain elevated as the jobs market continues to suffer under efforts to contain COVID.”
“This week's claims numbers cover the survey week for the January employment report. Between the December survey week, initial filings edged up by 8K.That compares with an increase of 144K between the November and December surveys and suggests that another decline in payrolls remains a real possibility in the January employment report.”
“The total number of claims recipients across all programs fell to 16.0M the week ending Jan. 2 (the most recent week available). However, with new claims having moved up in recent weeks and more generous weekly payments following the December relief bill, we expect to see the pace of improvement slow.”
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.