Economics headlines
· Jobless claims - Initial jobless claims fell to 462,000 in the week ending March 6 from 468,000 in the week ending February 27. Claims are also down from the recent high of 498,000 in the week ending February 20, when snowstorms boosted claims. Despite the decline in claims over the last two weeks they remain high and do not show a resumption of the downward trend that persisted from April through December of last year. The refusal of jobless claims to move lower indicates that the economy is struggling to finally transition back to sustained job growth. A Reinhart.
· Trade flows - The nominal trade balance in goods and services narrowed to -$37.3 billion in January from -$39.9 billion in December as exports and imports both partially reversed big gains in December. At the moment net exports are on track to make little contribution to 1Q GDP growth, which is in line with our forecast. A Reinhart.
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