March 6, 2025
United States:
US Jobless Claims Drop to 221,000, Returning to Muted Levels
Applications for US unemployment benefits fell last week, returning to muted levels seen at the start of the year.
Initial claims decreased by 21,000 to 221,000 in the week ended March 1. The median forecast in a Bloomberg survey of economists called for 233,000 applications.
Europe:
ECB Cuts Again and Signals Easing Phase Is Nearing Its End
The European Central Bank lowered interest rates for the sixth time since June and indicated that its cutting phase may be drawing to a close as inflation cools and the economy digests seismic shifts in geopolitics.
The deposit rate was reduced by a quarter point to 2.5%, as predicted by all but one analyst in a Bloomberg survey.
Asia:
Japan’s Biggest Union Group Demands Highest Wage Hike Since 1993
Japanese workers demanded the largest wage hike since 1993 in ongoing pay negotiations, signaling the kind of sustainable wage growth that could help drive economic progress that both the central bank and the government are seeking.
The Japanese Trade Union Confederation, known as Rengo, said Thursday its member unions demanded an average wage increase of 6.09% this year, up from last year’s 5.85%, and seeking more than 6% for the first time in more than three decades.
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