Scoreboard: Steady job

Wall Street rallied as stable jobs data and Facebook’s WhatsApp buy boosted sentiment.

Economic data out overnight wasn’t too bad. It wasn’t great, but there was sufficient evidence of underlying strength/improvement for punters to look through some of the more grim readings. The main one obviously is US jobless claims and while these only fell to 336,000 from 339,000, that stability is a message in itself. Around Christmas and New Year, seasonal adjustment problems can lead to wild swings in the series. That it’s hovered around the 336,000 to 339,000 mark for two weeks will do a lot to allay any concerns about a slowdown (an underlying slowdown amid some fairly treacherous weather).


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