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The key points from today’s economic news, brought to you by Guardian Stockbrokers.
UK unemployment rate unexpectedly fell in January
In the UK, the three-month moving average unemployment rate unexpectedly fell to 5.00% in January, compared to a rate of 5.10% in the previous month. Markets were expecting the unemployment rate to advance to 5.20%.
UK average earnings including bonus climbed less than expected in January
In the UK, average earnings including bonus climbed 4.80% on a YoY basis in January, compared to a rise of 4.70% in the previous month. Market expectations were for the average earnings including bonus to rise 4.90%.
Fed Chairman Jerome Powell expects a strong economic rebound this year
US Federal Reserve (Fed) Chairman, Jerome Powell, in his testimony before Financial Services Committee, stated that he expects a strong economic rebound this year, following the vaccine rollout. However, he warned that the US economic recovery is far from complete. Moreover, Powell stated that he does not expect that the $1.9 trillion stimulus package will lead to an unwelcome increase in inflation, but he emphasized that the Fed has tools to deal with rising price pressures if necessary.
US current account deficit widened in 4Q 2020
In the US, current account deficit widened to $188.50 billion in 4Q 2020, compared to a revised deficit of $180.90 billion in the previous quarter.
US new home sales declined more than expected in February
In the US, new home sales plunged 18.20% on a MoM basis in February, compared to a revised rise of 3.20% in the prior month. Markets were expecting new home sales to record a drop of 6.50%.
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