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- U.S.: Personal Spending and Jobless Claims cause little surprise – BMO
U.S.: Personal Spending and Jobless Claims cause little surprise – BMO
FXStreet reports that Sal Guatieri from the Bank of Montreal recaps the latest economic data released by the US.
“Due to business closures and distancing measures, Personal Spending plunged 7.5% in March, by far the steepest on record though little surprise after yesterday's Q1 GDP release.”
“Core PCE prices declined an expected 0.1% in the month, trimming the yearly rate to 1.7%. It is headed toward 1% in the year ahead.”
“Initial Jobless Claims tallied 3.84 million last week, topping the consensus call and taking the six-week total to an unprecedented 30.3 million, or nearly 19% of the labour force. The number should drop-off quickly in coming weeks as more businesses reopen, but won't return to pre-virus levels of around 200,000 for a long time.”
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