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June 12, 2025
The Labor Department released a report on Thursday showing that first-time claims for U.S. unemployment benefits remained flat in the week ending on June 7. The report said initial jobless claims came in at 248,000, unchanged from the previous week's revised level.
Jobless claims are at their highest level since hitting 259,000 in the week ending on October 5, 2024. Meanwhile, the Labor Department reported that the less volatile four-week moving average rose to 240,250, an increase of 5,000 from the previous week's revised average of 235,250. With the uptick, the four-week moving average reached its highest level since hitting 245,000 in the week ending on August 26, 2023.
Continuing claims, reading on the number of people receiving ongoing unemployment assistance also climbed by 54,000 to 1.956 million in the week ending on May 31. The increase continuing claims are at its highest level since hitting 1.970 million in the week ending on November 13, 2021. The four-week moving average of continuing claims also reached its highest level since November 2021, rising by 19,750 to 1,914,500.
Last Friday, the Labor Department released a more closely watched report showing employment in the U.S. increased slightly in May. The Labor Department said non-farm payroll employment shot up by 139,000 jobs in May after jumping by a downwardly revised 147,000 jobs in April. Meanwhile, the report said the unemployment rate came in at 4.2% in May, unchanged from the previous month. 06/12/2025 - 09:52:00 (RTTNews)
After reporting a decrease in U.S. producer prices the previous month, the Labor Department released a report Thursday showing producer prices crept slightly higher in the month of May. The Labor Department said its producer price index for final demand inched up by 0.1% after slipping by a revised 0.2% in April. Meanwhile, the report said the annual rate of growth by producer prices accelerated to 2.6% in May from 2.5% in April.
The Labor Department said the monthly uptick in producer prices was led by prices for services, which edged up by 0.1% in May after falling by 0.4% in April. Prices for trade services climbed by 0.4%, while prices for transportation and warehousing services dipped by 0.2% and prices for other services were unchanged. The report also said core producer prices, which exclude prices for food, energy, and trade services, inched up by 0.1% in May after edging down by 0.1% in April. The annual rate of growth by core producer prices slowed to 2.7% in May from 2.9% in April.
A separate report released by the Labor Department on Wednesday showed a slight increase in consumer prices in the U.S. during May. The Labor Department reported that its consumer price index increased by 0.1% in May after following a 0.2% increase in April. Meanwhile, the report said the annual rate of consumer price growth accelerated to 2.4% in May from 2.3% in April. The annual rate of consumer price growth was expected to speed up to 2.5%. Excluding food and energy prices, core consumer prices crept up by 0.1% in May after edging up by 0.2% in April. The annual rate of core consumer price growth in May was unchanged from the previous month at 2.8%. 06/12/2025 - 09:55:00 (RTTNews)
Euro traded at 1.1577 against USD at 9:00 AM PST
Italy's unemployment rate remained stable in the first quarter of 2025. The seasonally adjusted jobless rate stood at 6.1% in the March quarter, the same as the previous quarter. There were 1.572 million unemployed people in the country during the first quarter. In the corresponding period last year, the unemployment rate was 7.1%. Meanwhile, the inactivity rate between the 15-64 age range dropped to 33.1% from 33.5%. 06/12/2025 - 07:05:00 (RTTNews)
British Pounds traded at 1.3589 against USD at 9:00 AM PST
The U.K. economy shrank in April largely reflecting a fall in services output. GDP declined 0.3% in April, following a growth of 0.2% in March. This was the biggest fall since October 2023. The production side of GDP showed that services output contracted 0.4%, reversing March's 0.4% rise.
Industrial production decreased 0.6%, which was slightly slower than a 0.7% drop in March. By contrast, construction output grew at a faster pace of 0.9% after rising 0.5% a month ago. In the three months to April, the economy expanded 0.7% from the previous three months largely driven by growth in the service sector. Compared with April 2024, GDP advanced 0.9%. The visible trade deficit widened to GBP 23.2 billion in April from GBP 19.9 billion the previous month. 06/12/2025 - 03:38:00 (RTTNews)
Sentiment among large Japanese companies declined sharply in the second quarter. The business survey index for all industries slid to -1.9 from +2.0 in the first quarter. For large manufacturers, they deteriorated to -4.8 in the second quarter from -2.4 in the preceding quarter. At the same time, the indicator for large non-manufacturers registered -0.5, down from 4.1 in the prior period. Investment in software and that in plant and machinery are forecast to grow 7.3% in the fiscal year 2025. 06/12/2025 - 01:03:00 (RTTNews)
This market update is prepared by Cathay Bank for informational purposes only and does not constitute any form of legal, tax or investment advice, nor should it be considered an assurance or guarantee of future exchange rate movements or trends. This information is provided without regard to the specific objectives, financial situations or needs of any recipient. Cathay Bank does not make any representations or warranties about the accuracy, completeness or adequacy of this market update.
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