Basis Points Applications for unemployment benefits in the U.S. in the final week of 2023 fell to a nearly three-month low of 202,000. New jobless claims declined from a revised 220,000 in the prior week, the government said Thursday. Economists had forecast new claims in the week ending Dec. 30 to total 219,000. (MarketWatch) U.S. businesses added a solid 164,000 new jobs in December, paycheck company ADP said, in a sign the U.S. labor market remains fairly robust. The increase was the biggest in four months . Economists polled by the Wall Street Journal had forecast a gain of 130,000. (MarketWatch) The median U.S. mortgage payment was $2,361 during the four weeks ending Dec. 31, according to Redfin, down $372, or 14%, from October's all-time high to its lowest level in nearly a year. (Dow Jones Newswires) Canada's services sector remained in negative territory in December, with sales falling for a fifth straight month and by the most in about three years. The S&P Global Canada services purchasing managers index was largely unchanged last month, at 44.6 versus 44.5 in November. Readings below 50 indicate a decline in activity. December's reading marks the seventh-consecutive month under 50. (DJN) Eurozone inflation quickened in December, but by less than expected, fueling further speculation that the European Central Bank could soon signal its readiness to cut interest rates. The bloc's consumer price index rose 2.9% on year, from 2.4% the previous month, according to preliminary data published by the European Union's statistics agency Eurostat on Friday. The global economy will slow more sharply than previously expected this year as the sharp rises in interest rates implemented by leading central banks over the previous two years weaken investment spending, the United Nations said Thursday. In the first of its twice-yearly reports on the global economic outlook, the UN said it expects world economic output to increase by 2.4% this year, a slowdown from the 2.7% expansion recorded in 2023. The new forecast is lower than the 2.5% growth projected by the UN in May, and the 3% average for the years leading up to the Covid-19 pandemic. (DJN) Feedback Loop

This newsletter is compiled by James Christie in San Francisco.

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This article is a text version of a Wall Street Journal newsletter published earlier today.


(END) Dow Jones Newswires

01-05-24 0715ET