Friday, May 7, 2021

Worst UK February car sales since 1959; bond worries weigh on markets – business live

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Rolling coverage of the latest economic and financial news

1.40pm GMT

More Americans filed new claims for unemployment benefit last week, as the Covid-19 pandemic continued to hit workers.

There were 748,078 new ‘initial claims’ for unemployment support last week, an increase of 31,519 (or 4.4 percent) from the previous week, the Labor Department reports.

For the week ending February 27, 748,078 workers filed for regular #unemploymentbenefits. Initial regular claims have now remained above 700k for 50 weeks. 1/4

Unemployment Insurance Weekly Claims

Initial claims were 745,000 for the week ending 2/27 (+9,000).

Insured unemployment was 4,295,000 for the week ending 2/20 (-124,000).

LAYOFF WATCH: Initial jobless claims climb 9,000 to 745,000 at the end of February. An additional 436,696 new claims filed through emergency federal program. Claims still disappointingly high, but data has also been erratic lately. Treat cautiously.

UI claims rose modestly to 1.18 million last week (748K UI initial claims NSA + 437K PUA claims).

Despite the increase, UI claims are not far off from their crisis lows, though PUA claims remain unusually elevated.#joblessclaims 1/

1.18pm GMT

Here’s another reason why the rise in US government bond yields is hitting share prices…

The 10-year US Treasury #yield has risen to above the S&P 500 Index dividend yield! via @USFunds

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