US markets slip on weak jobless claims and global growth concern

21 Aug 2015 Evaluate

The US markets slipped on Thursday, suffering their worst selloff in 2015 as markets were buffeted by worries about a slowdown in global growth. On the economy front, the number of people who applied for US unemployment benefits in mid-August rose for the fourth straight week, but initial claims remain at very low levels that suggest the labor market is still on the mend. Initial jobless claims rose by 4,000 to a seasonally adjusted 277,000 in the seven days stretching from August 9 to August 15, marking the highest level since early July. Although the upward trend in weekly claims bears watching, the number of jobless workers seeking benefits has held below 300,000 for 24 weeks, the longest stretch in more than 15 years. The economy had added a healthy average of 211,000 jobs a month so far in 2015, and the US is on track to create more than 2 million new jobs for the fifth year in a row. Also, continuing jobless claims totaled 2.25 million in the week ended August 8, down 20,000 from the start of the month. These claims reflect people already receiving unemployment checks. The leading US economic index fell 0.2% in July after four straight strong gains, largely because of a decline in US permits to build new homes. The coincident index, which measures current conditions, edged up 0.2% in July. The lagging index rose 0.3%. The LEI is a weighted gauge of 10 indicators designed to signal business-cycle peaks and valleys.

On the other hand, the Philadelphia Fed’s index of business conditions increased to a reading of 8.3 in August, above the 5.7 reading in July. Readings on the Philly Fed index this year have been weaker than strong numbers seen last fall. In August, the bank’s employment index rebounded to 5.3 after falling into negative territory in July for the first time since January. The index for new orders slipped to 5.8 in August from 7.1 in the prior month. The Philly Fed survey contradicted a similar report by the New York Fed. That index, known as the Empire State index, fell sharply in August to negative 14.9, the lowest reading since June 2009. US home sales advanced to a fresh post-recession high in July, as higher prices allowed existing owners to move even as first-time buyers continue to be largely on the sidelines. The National Association of Realtors reported existing home sales rose 2% to a seasonally adjusted annual rate of 5.59 million, the highest rate since February 2007. The rate has increased for three straight months and is 10.3% higher than a year ago.

The Dow Jones Industrial Average lost 358.04 points or 2.06 percent to 16,990.69, the Nasdaq dropped 141.56 points or 2.82 percent to 4,877.49, while the S&P 500 was down by 43.88 points or 2.11 percent to 2,035.73.

The Indian ADRs ended in red on Thursday, Dr. Reddy’s Lab was down 1.33%, HDFC Bank was down by 1.22%, Infosys was down 0.85%, Tata Motors was down 0.84% and Wipro was down by 0.52%.

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