Initial claims for state unemployment benefits fell 17,000 to a seasonally adjusted 233,000 for the week ended Aug. 3, the Labor Department said on Thursday, the largest drop in about 11 months. Economists polled by Reuters had forecast 240,000 claims for the latest week.
Initial jobless claims fell to a seasonally adjusted 233,000 for the week ended Aug. 3, the Labor Department said Thursday, suggesting fears that the labor market is unravelling were overblown.
Oil prices edged up on Thursday after U.S. jobs data eased demand concerns and war in the Middle East helped prices recover for a third consecutive session, having slumped at an eight-month low on Monday.
Bitcoin and broader cryptocurrency prices moved in a flat-to-low range, and were sitting on steep losses this week as concerns over slowing U.S. economic growth and rising Japanese interest rates battered risk-driven markets.
The “unexpected drop in jobless claims offers a welcome positive indication of labor market conditions, softening concerns of more precipitous weakness in the aftermath of a somewhat disappointing jobs report,” Stifel said.
Australia’s central bank on Tuesday ruled out the possibility of an interest rate cut this year, saying core inflation is expected to come down only slowly, after it held interest rates steady for a sixth straight meeting.
The dollar has been hit hard of late by fears of a U.S. recession after a batch of weak readings on the labor market, which ramped up bets that the Federal Reserve will have to cut rates more than initially expected.
Oil prices are finding a floor as concern mounts that Iran, a major Middle Eastern producer, may retaliate against Israel and the U.S. following the assassination of a Hamas leader in Tehran and an Israeli attack that killed a Hezbollah commander in Lebanon, potentially leading to a wider regional war.
H.C. Wainwright attributes the sell-off in the crypto and equity markets to three primary factors: the fears of a hard landing for the U.S. economy after weak data, the unwinding of a popular global carry trade following the Bank of Japan’s rate hike, and escalating geopolitical tensions in the Middle East.
Olaplex’s professional channel saw an 18.4% YoY decline in sales to $33.4 million, while direct-to-consumer revenue dropped 11.5% to $34.1 million. This offset a 22.4% gain in specialty retail sales to $36.4 million.
