Today’s US economic updates offer a profile of extremes. Initial jobless claims pulled back from the brink of what would have been a dark signal if new filings for unemployment benefits posted another rise. Instead, claims tumbled sharply last week, falling substantially more than expected, the Labor Deparment reports. As a result, it appears that claims are again flashing a bullish signal for the labor market after several weeks of worrisome gains. But any celebration should be muted in the wake of this morning’s monthly update on retail sales, which fell in February for the third month in a row–the longest stretch of monthly red ink in nearly three years. And this time we can’t blame weak gasoline sales, which increased last month. In short, the trend in retail spending is looking genuinely shaky for the first time in several years.
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US equities have been trending lower so far in March, and no sector has been immune to the selling. But the relative strength in healthcare stocks continues to stand out. Energy companies, meanwhile, are still the weakest corner of the market among the major equity sectors, based on a roundup of trailing 252-day (1 year) periods through Mar. 11 via our usual set of ETF proxies.
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● US mortgage application slip in early Mar after Feb losses | HousingWire
● Euro hits fresh 12-year low against dollar | MarketWatch
● S. Korea joins global easing with surprise rate cut as growth falters | Reuters
● Germany Feb Consumer Prices Rebound As Expected | RTT
● France Consumer Prices Fall For Second Straight Month | RTT
● Technocrats due in Athens on Thursday after start of Brussels talks | Ekathimerini