72.1 F
London
Friday, June 21, 2024

S&P 500 drops on higher jobless claims and widening trade deficit

S&P 500 Declines 1.23% on Mixed Economic Data

The S&P 500 experienced a decline of 1.23% following the release of the latest jobs report and balance of trade data. The U.S. Department of Labor reported that initial jobless claims for the week ending March 30 came in at 221,000, higher than the consensus estimate of 214,000 and the previous week’s figure of 212,000. The four-week moving average of jobless claims also increased to 214,250, up from 211,500 in the prior week.

S&P 500 1-Minute Price Data

Continuing Jobless Claims Unexpectedly Decrease

Continuing jobless claims, which represent the number of people receiving ongoing unemployment benefits, decreased to 1.791 million for the week ending March 23, lower than the consensus estimate of 1.822 million and the previous week’s revised figure of 1.810 million.

Trade Deficit Widens More Than Expected

In addition to the mixed jobs data, the U.S. balance of trade report showed a wider deficit than anticipated. The trade deficit increased to $68.9 billion in February, compared to the consensus estimate of $67.3 billion and the revised January figure of $67.6 billion. Exports rose to $263 billion, surpassing the expected $258 billion, while imports increased to $331.9 billion, higher than the projected $326 billion.

S&P 500 Reacts to Potential Economic Slowdown Signs

The combination of higher-than-expected initial jobless claims and a widening trade deficit likely contributed to the S&P 500’s decline, as investors may have interpreted the data as signs of a potential slowdown in the U.S. economy. The mixed signals from the jobs market and the expanding trade deficit could raise concerns about the sustainability of economic growth.

Key Takeaways:

  • The S&P 500 declined by 1.23% following the release of the latest jobs report and balance of trade data.
  • Initial jobless claims for the week ending March 30 were higher than expected at 221,000, above the consensus estimate and the previous week’s figure.
  • Continuing jobless claims unexpectedly decreased to 1.791 million, lower than the consensus estimate and the previous week’s revised figure.
Lazarus
Lazarushttps://ljlnews.com
Publisher and editor of LJLNews. I am a Stock Market enthusiast, with an interest for politics. I hope you enjoy reading the articles! Contact me at: Lazaruslucas@ljlnews.com

Related Articles

LEAVE A REPLY

Please enter your comment!
Please enter your name here

Latest Articles