US initial jobless claims climb 10,000 last week; Petroleum boosts import prices in December

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Source: Dukascopy Bank SA
"While the drag on import price inflation stemming from energy is fading, dollar headwinds have resurfaced". 
-Sarah House, Wells Fargo Securities 
 
The number of Americans filing for unemployment aid advanced less than expected last week, official figures showed on Thursday. According to the Labor Department, initial claims rose 10,000 to 247,000 during the week ending January 7. This marked the 97th consecutive week that claims remained below the 300,000 level, the longest streak since 1973. Thursday's report also showed that continuous claims dropped 29,000 to 2.09 million in the last week of 2016. Separately, the Labor Department reported that import prices climbed 0.4% in December, following the previous month's 0.2% decline. The increase was mainly driven by rising petroleum prices that jumped 7.9% during the reported period. On an annual basis, import prices increased 1.8%, the biggest rise since March 2012, after climbing 0.1% year-over-year in November. Meanwhile, excluding petroleum, prices dropped 0.2% month-over-month in December, compared to the prior month's unchanged reading. The stronger US Dollar was the major reason behind the December decline. Over the last year,  the Greenback appreciated greatly against the currencies of the US main trading partners, advancing 4.4%. Though it experienced the largest gains in the wake of Donald Trump's election. The major US stock markets ignored today's positive data, following Trump's disappointing press conference.

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