Yesterday we received very good data showing the US economy is recovering. An important index of the manufacturing activity from the Federal Reserve Bank substantially exceeded expectations. In addition, yesterday the Senate passed the budget for 2018, the year that will allow to pass a law to reduce taxes.
The number of initial claims for benefits for a week of unemployment was published by the Labor Department. This data iis relevant for the sustainability and stability in the labor market. The seasonally adjusted number of initial claims fell by 22,000 to 222,000 - the lowest level since March 1973.
At the EU summit there was a meeting of the leaders of Germany and Britain - Angela Merkel and Theresa May, where they discussed matters pertaining to the UK exit from the European Union, as well as how it would affect the economy of the two states. Furthermore, many EU countries have citizens who have immigrated to the United Kingdom. In connection with the situation of these people, EU countries want to expand the rights of their citizens. The parties are seeking a compromise that would yield an arrangement beneficial to all participants in the negotiations.
More economic news and analysis you can read here.
