ASX poised to open unchanged; Wall Street eases on recession fears; $A knocked 1.1pc on strong US jobs; oil rebounds.
The number of Americans filing new claims for jobless benefits dropped to a three-month low last week while layoffs fell 43 per cent in December, pointing to a still-tight labor market that could force the Federal Reserve to keep hiking interest rates.
Initial claims for state unemployment benefits decreased 19,000 to a seasonally adjusted 204,000 for the week ended Dec. 31, the lowest level since the end of September, the Labor Department said. Economists polled by Reuters had forecast 225,000 claims for the latest week. Through the volatility of the year-end holidays, claims have remained at very low levels.
US stocks were trading lower. The dollar rose against a basket of currencies. US Treasury prices fell.The Fed last year lifted its policy rate by 425 basis points from near zero to a 4.25 per cent-4.50 per cent range, the highest since late 2007. Last month, it projected at least an additional 75 basis points of increases in borrowing costs by the end of 2023.
Economists were divided on whether this indicated some loosening of labor market conditions or year-end volatility.Christmas on Thursday showed US-based employers announced 43,651 job cuts in December, down 43 per cent from November. The total was, however, 129 per cent higher compared to December 2021 and was the second-largest monthly number announced in 2022.
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