U.S. jobless claims rebound from 43-year low, labor market still firming
Initial claims for state unemployment benefits increased 18,000 to a seasonally adjusted 251,000 for the week ended Nov. 19, the Labor Department said on Wednesday.
Claims have now been below 300,000, a threshold associated with a healthy labor market, for 90 straight weeks. That is the longest run since 1970, when the labor market was much smaller.
US durable goods orders up 4.8% in Oct vs 1.5% increase expected
New orders for U.S. manufactured capital goods rebounded in October, driven by rising demand for machinery and a range of other equipment, the latest indication of an acceleration in economic growth early in the fourth quarter.
The Commerce Department said on Wednesday that non-defense capital goods orders excluding aircraft, a closely watched proxy for business spending plans, rose 0.4 percent after a slightly downwardly revised 1.4 percent decline in September.
These so-called core capital goods orders were previously reported to have dropped 1.3 percent in September. Last month's increase was in line with economists' expectations and suggested that manufacturing was slowly regaining its footing.
Fed indicated rate hike could come 'relatively soon,' FOMC minutes show
Senior Federal Reserve officials agreed last month it might be appropriate to raise interest rates "relatively soon" against a backdrop of an improving labor market and somewhat higher inflation, minutes of the bank's last big meeting in November show. Many officials even worried the U.S. economic recovery could be at risk if the central bank waited too long to raise rates, a marked change in tone compared to just a few months ago. Financial markets view it as a near certainty that the Fed will raise its benchmark short-term interest rate at its next meeting in mid-December.
Oil prices edge down on doubts about OPEC-led cuts
Oil prices fell slightly on Wednesday amid investor doubts that OPEC will agree to a production cut large enough to make a significant dent in the global glut of crude as U.S. drilling rises. Members of the Organization of the Petroleum Exporting Countries (OPEC) will meet next week on Nov. 30 in Vienna to decide on the details of an agreement to cut output that the group has been trying to hammer out since September.
Oil prices fluctuated throughout the day, starting lower in the morning and later briefly turning positive after the Energy Information Administration said U.S. crude stocks unexpectedly fell 1.3 million barrels last week after three straight weeks of builds. [EIA/S]
In the U.S. market, West Texas Intermediate (WTI) crude oil futures CLc1 settled down 7 cents, or 0.2 percent, at $47.96 a barrel.
Reference: Marketwatch, Reuters, CNBC
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