Reports » India

US stock market, economy and companies update (February 08, 2012)

After opening in positive territory, thanks to some decent corporate earnings, US indices are sinking into the red as concerns about Greece push back to the forefront. Greek political party leaders finally got around to conferencing about austerity measures this morning and investors are eagerly awaiting the outcome of the meeting. Note that yesterday afternoon, there were press reports that the ECB would be willing to exchange Greek debt for EFSF bonds (thanks to guarantees that it would not take losses in the exchange). This morning more unconfirmed reports indicated that the ECB has not committed to any such exchange, pouring cold water on yesterday's story. Crude spiked from $96 to just over $100 this morning, before trading off again.

Indian stock market daily closing report (February 08, 2012)

The markets ended up around 0.50% in a volatile trading session today. Consumer Durable stocks were among major gainers today led by VIP Industries, Titan & TTK Prestige. IT socks too provided support to the markets on account of improved economic scenario on global front. Bharti Airtel was the top Sensex loser due to less than expected Q3 result declared by the company today.

Indian stock market daily morning report (February 08, 2012, Wednesday)

Indian markets snapped a five-day winning streak and closed on negative note yesterday after the government forecast growth may dip below 7%, the slowest pace since the 2008 financial crisis. The Government released its advance GDP estimate for the year ending on March 31, 2012 and expected GDP to expand by 6.9% in FY12 as against a healthy 8.4% in the last two years. The sentiment was also edgy after weakness in European markets amid concerns about Greece's ability to secure a second bailout package from the international lenders to avert a default.

Indian stock market and companies daily report (February 08, 2012, Wednesday)

The domestic markets are expected to open in the green tracking positive opening in most of the Asian markets. Indian markets snapped a five-day winning streak on Tuesday after the government revised down its economic growth forecast for the current fiscal year to 6.9% its slowest pace in three years. Globally, US stocks recovered day’s lows and closed in green yesterday as Greek officials’ reportedly on reaching an agreement to enact the reforms needed to receive a new bailout. Buying interest remained relatively subdued, however, limiting the upside for the markets. Also, a US Labor Department report showed job openings rising to 3.38mn in December from 3.12mn in November showing continues progress in the job market. Indian investors, meanwhile, would keenly watch out for the domestic industrial production growth for the month of December due to be released on Friday.

US stock market, economy and companies update (February 07, 2012)

Equity indices on both sides of the Atlantic are back to unchanged this morning after a rocky start. There is a considerable amount of optimism about the situation in Greece this morning, after the government was reported to have secured a deal to pass fresh reform measures, removing at least one block to the next round of aid payments from the EU and the IMF. With the better sentiment about Greece, the dollar is underperforming, aiding commodities. After sinking as low at $96 earlier in the session, the front-month WTI contract is back up to $98.

Indian stock market daily closing report (February 07, 2012)

After a gap up opening the markets pared all of its gains in noon trade today. The investor’s sentiments were dampened today after Central Statistical Organization declared less than estimated advanced FY12 GDP growth at 6.9%. The RBI in its quarterly monetary policy review last month has estimated FY12 GDP growth at 7%. Buying pressure was visible in airlines stocks today due to government’s approval for direct import of aviation turbine fuel by airline companies.

Indian stock market and companies daily report (February 07, 2012, Tuesday)

The domestic markets are expected to open in the green tracking positive opening in most of the Asian markets. Indian markets extended their bull run on Monday, with shares hitting fresh 14.5 week highs in early trading as positive economic data from the US raised hopes the global economy will withstand the impact of Europe's debt crisis. Globally, US stocks retreated from multi-year highs on Monday as Greece struggled for an agreement on spending cuts needed to ensure another round of rescue funds. Greece missed a deadline on enacting reforms necessary to receive a new bailout from the European Union and the International Monetary Fund.

Indian stock market daily morning report (February 07, 2012, Tuesday)

Indian markets continued its winning streak for fifth straight sessions and closed on positive note yesterday tracking firm global markets after last week's robust U.S. jobs data, which helped improve risk appetite amongst investors. Markets also got support as the Congress led coalition government at the centre got a relief after a special court investigating the telecom licenses scam dismissed a petition to investigate Home Minister P Chidambaram's alleged role in a 2G scam. A bout of volatility was witnessed in mid-afternoon trade as key benchmark indices trimmed intraday gains as European shares dropped in early trade there. Except pharma, all sectoral indices closed on positive note with real estate, capital goods, metal and bank stocks were major gainers. Cement shares surged after cement firms reported higher dispatches for the month just gone by. Dena Bank closed 8.71% up after the bank reported a better-than-expected 20.7% rise in December-quarter net profit. IL&FS Transportation Networks gained 3.83% after it received an Rs.18.18bn road contract from the National Highways Authority of India. Piramal Healthcare closed down 1.14% afterrising more than 7% in last trading day as the company said that it would buy a 5.5% stake in Vodafone's India unit from Essar for Rs.30bn. Hindustan Unilever fell 3.57%, despite reporting a better-thanexpected net profit. The company lowered its spending on advertising and promotions in the quarter, raising concerns it may not be able to hold on to its market share.

US stock market daily report (February 06, 2012, Monday)

On Monday, European leaders, the 'troika' are found to increase pressure on Greece to cut a deal for a second international rescue package by agreeing to more painful reforms, warning that failure to act may lead to a debt default that could drive the country out of the euro zone. Greek party leaders resisted calls for additional austerity, particularly private-sector wage cuts, as the country’s long-running debt crisis cast a cloud over global financial markets. Prime Minister Lucas Papademos said late Sunday after a five-hour negotiating session with the leaders of the three parties that back his interim government produced an agreement on some demands, including spending cuts equal to 1.5% of gross domestic product. Disagreements over additional demands from the Greek 'troika' of international creditors were seen blocking the path to a final deal. Reports indicated that leaders were resisting calls for implementing wage cuts in the private sector. The European Union, International Monetary Fund and European Central Bank are the 'troika' of Greece creditors, that must be satisfied in order to receive a second bailout of 130 billion euros ($170.6 billion) that was agreed to in principle last year. Greece is expected to miss a March debt repayment, putting the country into outright default, without the aid. Leader of the conservative New Democracy party, Antonis Samaras, said he would continue to resist pressure for additional austerity as the troika is 'asking for more recession' in Greece.

US stock market, economy and companies update (February 06, 2012)

The focus is once again on Greece this morning, after political leaders in Athens failed to achieve agreement on a key package of new austerity measures. Talks between the political forces in the Greek parliament will continue through tomorrow, and if no deal is reached the second bailout deal, worth €130-145B could fall apart, calling into question Greece's solvency. Investors are seeking cover in USTs, and gold is in the red. Crude is a bit lower, hanging around the $97 handle.

Indian stock market daily closing report (February 06, 2012)

After a gap up opening due to global cues, the Indian markets traded in a volatile trading session today. The Nifty pared all of its gains in late noon trade but bounced back from its support level of 5330 to end in green. Realty stocks were among major gainers in today’s trade. The HUL ended down more than 3% in today’s trade after it has declared 18% increase in its Q3 NPAT.

Indian stock market daily morning report (February 06, 2012, Monday)

Indian markets continued its winning streak after it rose sharply by end of the day to close on positive note on Friday as fresh FII buying led to a strong rebound in Indian and European markets helping a recovery in the banks and oil & gas stocks ahead of the US economic data, particularly non-farm payroll data. Indian markets remained dull till afternoon before opening of the European markets. However, a wave of fresh buying from the foreign institutional investors in the European shares as well as Indian shares helped the index to cross the crucial resistance levels to close near 17,600 levels.

Indian stock market and companies daily report (February 06, 2012, Monday)

The domestic markets are expected to open in the green tracking gap up opening in most of the Asian markets. Indian markets ended higher on Friday for a fourth day in a row on the back of heavy buying by FIIs. Globally, most of the US and European markets closed higher as traders reacted positively to a much better than expected report on the employment situation in the US in the month of January. With the stronger than expected job growth, the unemployment rate unexpectedly fell to 8.3% (lowest since February 2009) from 8.5% in the previous month.

US stock market daily report (February 03, 2012, Friday)

Football fans across America and around the world will be glued to their TV on Sunday February 5, watching the biggest and final NFL football game of the year at the Superdome in Indianapolis, Indiana - Super Bowl XLVI between the New England Patriots and New York Giants. Wagers are high in Las Vegas over the game this year with hundreds of millions of dollars at stake. Non-gambling activities for Super Bowl weekend is projected to reach nearly $100 million. Giants will be looking for a double or nothing title after their win over the Patriots in Super Bowl XLII, in 2008. Football fans are expected to begin the weekend long of football fever partying, as early as today.

US stock market, economy and companies update (February 03, 2012)

The January US jobs report is driving equity market gains this morning. The big increases in non-farm and private payrolls are a welcome sign that the US economic recovery is continuing, meanwhile the unemployment rate, at 8.3%, is at its lowest point since early 2009. The skeptics have tried to find the wrinkles in the reports, and apparently the only sour note is a 30-year low in the labor force participation rate, although analysts are debating whether this is due to the long-term unemployed or rather baby boomer retirees beginning to leave the workforce.

Indian stock market daily morning report (February 03, 2012, Friday)

Indian markets continued its winning streak and rose yesterday to their highest close in nearly three months after an eventful day as the Supreme Court of India cancelled 122 licenses issues after 2008 and strong manufacturing data in India and other major economies despite European markets showed dull opening on sharp decline in Deutsche Bank's profits. The Supreme Court decided to cancel all the licences given to the telecom firms involved during the 2G spectrum allocation after January 2008. Total of 122 licences were issued after that period. Also, the Supreme Court has dismissed petition to probe Home MInister P Chidambaram's role in the 2G case. The matter has been referred to the trial court which will rule on the case on Saturday. Supreme Court also directed the TRAI to come up with fresh guidelines on the grant of new licenses within 2 months and Government to take decision one month after submission of the recommendation. The upward movement was mainly led by gain in IT, metal, capital goods, and real estate stocks while pharma, consumer durable and FMCG stocks witnessed some selling pressure. Largest operator Bharti Airtel jumped 6.8%, its biggest percentage gain in almost 19 months, on expectations it would be a beneficiary of the ruling, while Reliance Communications and Unitech, the Indian partner of Norway's Telenor, fell 3.7% and 6.9%, respectively. Export-driven software companies rose on hopes that strong manufacturing growth in the key U.S. market may encourage higher technology spending.

Indian stock market and companies daily report (February 03, 2012, Friday)

The domestic markets are expected to open flat tracking mixed cues from the global markets. Asian shares were trading lower on increased loss forecasts by Asian companies as Europe’s debt crisis weighed on global sales. The US markets remained subdued even as the weekly jobless claims report showed that claims fell by more than anticipated in the week ended January 28th as investors preferred to wait for the more definite monthly employment report from the Labor Department due to be released today.

US stock market daily report (February 02, 2012, Thursday)

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US stock market, economy and companies update (February 02, 2012)

The market sentiment is one of very cautious optimism this morning, thanks to some solid US data and a few strong US earnings reports. The January Empire Manufacturing index was very strong, with excellent showings in the new orders and employment components. Initial jobless claims extended their gradual downtrend, boosting optimism about tomorrow's January non-farm payroll report. January same-store sales were decent, with a few exceptions.

Indian stock market daily closing report (February 02, 2012)

Indian markets ended up more than 0.50% in today’s trading session. The markets become volatile in late morning trade after the news that the Supreme Court has cancelled licenses given to the telecom firms on or post January 2008, which were involved in 2G spectrum allocation scam. Bharti Airtel was the top gainer today which gained almost 7%, on the expectation of getting more spectrums after Supreme Court verdict today. BSE Teck index was the top gainer today led by Hexaware & Bharti Airtel.

Indian stock market daily morning report (February 02, 2012, Thursday)

Indian markets recovered in late trade yesterday to post its highest close in 12 weeks after manufacturing data in Europe built confidence among the global investors. India's manufacturing sector grew at its fastest pace in eight months in January as factory output surged the most on record on increased domestic and foreign demand also led the markets to recover from early loss. The HSBC manufacturing purchasing managers’ index (PMI), compiled by Markit, jumped to 57.5 from 54.2 in December. The upward movement was mainly led by gain in metal, capital goods, auto and power stocks while consumer durable, PSU, IT and FMCG stocks witnessed some selling pressure. Auto stocks gained on better-than-expected January sales, with Maruti Suzuki gained 2.4% to its highest close in five and a half months after it reported its first monthly sales rise since May last year. Tata Motors gained 1.9% after it reported January sales rose 16%. M&M, which posted a 22% rise in January sales, ended 2.2% higher. ICICI Bank fell 1.4% after surging nearly 6% in the previous session, while top mortgage lender HDFC fell 1.3% after private-equity firm Carlyle Group said to have sold a quarter of its stake in the company. Top steelmaker Tata Steel jumped 4.5%, while Jindal Steel & Power surged 6.3%, leading a rally in metal stocks after news that the factory sector in China, a key consumer of natural resources from oil to metals, unexpectedly expanded slightly in January.

Indian stock market and companies daily report (February 02, 2012, Thursday)

The domestic markets are expected to open in the green tracking upbeat economic data releases from around the world. The US markets closed higher as traders reacted positively to the latest batch of economic data. The strength on Wall Street was partly due to the release of a report from payroll processor ADP showing a continued increase in private sector employment in the month of January. A separate report from the Institute for Supply Management showing a continued expansion in manufacturing activity in the month of January also generated buying interest, with the index of activity in the sector reaching a seven-month high.

US stock market, economy and companies update (February 01, 2012)

January manufacturing data from China and the US continue to lift global equity markets this morning. Europe surged on the China PMI, and US market gains are being sustained by the ok showing in the ISM manufacturing report, including a nice showing in the prices paid component. The January ADP employment report begins the lead-up to Friday's January payrolls and employment reports. The report this morning was a bit weaker than expected, although the series is not considered terribly predictive. Crude continues its slide lower, with the front-month WTI contract only a bit above the $98 handle. The US long bond is down nearly a full point pushing its yield back up towards 3% today's better risk environment.

Indian stock market daily closing report (February 01, 2012)

Today Indian markets pared all of its losses in noon trade to end in green. Positive opening of European Markets helped the Nifty to cross its 200 day moving average of 5205. Metal & Capital Goods stocks provided support to the index in today’s trading session. Auto stocks were among major gainers today on account of healthy auto sales number declared today, by the auto manufacturer for the month of January. M&M gained more than 2% today after declaring its highest ever monthly sales for January 2012.

Indian stock market daily morning report (February 01, 2012, Wednesday)

Indian markets rose sharply yesterday to recover almost all the losses made previous day, as investors cheer for the efforts of European leaders in resolving the debt issue and stronger than expected results of ICICI Bank. Few other developments also triggered the rally which include opening of the buyback offer of Reliance Industries, government decision over fund infusion in State Bank of India and RBI'S assurance over monetary policy easing by continuing open market operations.

Indian stock market and companies daily report (Febrauary 01, 2012, Wednesday)

The domestic markets are expected to open in the green tracking positive developments in the European and the Asian markets. Asian stocks are trading positively, reversing earlier losses, after Chinese manufacturing index unexpectedly expanded and amid optimism about progress on the Greek debt deal. The US markets traded choppily as investors weighed optimism about the financial situation in Europe against a disappointing batch of U.S. economic data. The upward move in early trading on Wall Street came as traders reacted positively to the latest news out of Europe, including comments from Greek Prime Minister Lucas Papademos indicating that "significant progress" has been made in reaching a debt-swap agreement with bondholders. However, a disappointing housing report from Standard & Poor's showing a bigger than expected drop in U.S. home prices in the month of November limited the upside for the markets. Meanwhile Indian markets would keenly watch out for the imports and the exports figures due to be released today to get a clearer view on the fiscal situation that would pan out by the end of this fiscal year.

Indian stock market daily closing report (January 31, 2012)

Indian markets bounced back in today�fs trade, gaining more than 2%, tracking positive global cues. The markets have reported highest ever monthly gains of 11% in the month of January since September 2010. ICICI bank gained around 6% today on account of better than expected (20.25% YoY) growth in its net profit at Rs 1,728 crore on improvement in non�]performing assets (NPAs). Due to less than expected Q3 result PNB was the only Bankex constituent to end in red today.

Indian stock market daily morning report (January 31, 2012, Tuesday)

Indian markets snapped six days winning streak and slumped more than 2% yesterday as the global sell-off on account of caution ahead of European Union Summit tempted investors to book profits. European markets were also down as worries about debt swap talks between Greece and its private creditors continued to weigh on investor sentiment before European Union summit about the region's debt crisis. Indian markets opened lower tracking weak Asian stocks after the US economy posted disappointing GDP numbers. All sectoral indices closed on negative note with capital goods, power, real estate and metal stocks were major losers. IT stocks turned negative after the rupee dropped sharply against dollar, as foreign investors sold equities on rising worries over Greek debt issue. Global sell-off pulled down the metal and mining stocks, led mostly by Sterlite Industries and Hindalco, lost 6% and 4.8%, respectively. Heavy equipment maker BHEL plunged over 10% as order inflows in the third quarter tuned negative after many years.

Indian stock market and companies daily report (January 31, 2012, Tuesday)

The markets are expected to open weak following negative cues from the Asian markets. US Stocks turned in a relatively lackluster performance on Friday as GDP growth came in at 2.8%, below investor’s expectations. Also Economists were disappointed that much of the GDP growth in the fourth quarter was due to a positive contribution from private inventory investment. The U.S. consumer sentiment result which was also released on Friday was better than expected, but failed to lighten the session's negative mood.

US stock market daily report (January 30, 2012, Monday)

During December, Americans cut back on spending and used their increase in wages to bolster their savings accounts. Consumer spending accounts for as much as 70% of U.S. economic activity and renewed caution by consumers is a double-edged sword - improving their savings while attributing to the sluggish economic growth with reduced spending. Spending would increase if wage growth found a way to increase, at a faster pace. According to government data, the income of U.S. workers jumped 0.5% in December to mark the biggest gain in nine months. The increase was fueled by a sizable increase in hiring. The money left over after taxes which is inflation-adjusted disposable income climbed 0.3%. Inflation-adjusted after-tax income rose only 0.9% for the year 2011 however, the amount was not enough to keep up with a 2.2% rise in personal spending. Spending in December fell slightly, off less than 0.1% as consumers appear to already have begun the process of paying down their debt loads. During November, the combination of higher income and lower spending allowed consumers to boost their savings rate to 4% from 3.5% - reversing a six-month decline. The savings rate however, remains well below last year’s level of 5.2. Expectations are for the U.S. economy to expand at a 2% clip in the Q1, down from an initially reported 2.8% in the final three months of 2011. The Q4 growth was somewhat less than expected owing to weaker spending. After Americans rebuild their savings, they will be in a better position to spend, later in 2012. Measured by PCE index, inflation edged up 0.1% in December, to put the increase in 2011 at 2.4%. After a big spike early last year, inflation has begun to moderate. Core PCE, which excludes volatile food and energy costs, rose 0.2% and for the full year, the core PCE rose 1.8%. Spending and income data for November remain unchanged and revised data showed both increased by 0.1%. The Federal Reserve uses the core PCE as a tool to help determine whether to raise or lower interest rates. The central bank prefers to keep inflation at 2% or below.

US stock market, economy and companies update (January 30, 2012)

Risk is off on a worldwide basis this morning as investors fret over Greece's negotiations with its creditors and European leaders meet in Brussels for the umpteenth time. The spat over the weekend between German government coalition members and the Greeks is not helping anyone feel better about Europe. Recall that German Econ Min Roesler apparently told the FT that a special budget commissioner would have veto power over the Greek budget, provoking a furious reaction from Athens. Meanwhile this morning officials at the Eurogroup summit concerned themselves with the draft of the new European fiscal pact and said they would not focus on Greece, only deepening the impression that Europe is not facing up to reality.

Indian stock market daily closing report (January 30, 2012)

After gaining around 12% in last four weeks, Indian markets ended down more than 2% in today’s trading session. Profit booking & negative global cues are the main reasons for today’s downside in the markets. The European nations failed to achieve consensus on Greek debt deal, ahead of European Union Summit today. This has dampened investor’s sentiments, worldwide. Heavy selling pressure is observed in Capital Goods stocks in today’s trading session.

Indian stock market daily morning report (January 30, 2012, Monday)

Indian markets rose for a sixth straight session on Friday to a 11-week high tracking a rally in Asian stocks on previous day triggered by Federal Reserve's pledge at the end of a two-day policy meeting on Wednesday to keep US interest rates at ultra-low levels until late 2014. The Federal Reserve surprised financial markets by saying it expected to leave U.S. benchmark borrowing costs at effectively zero until at least late 2014. Foreign investors also continued to buy local stocks on indication of a policy shift towards reviving growth, with an increase in global risk appetite also aiding sentiment.

Indian stock market and companies daily report (January 30, 2012, Monday)

The markets are expected to open weak following negative cues from the Asian markets. US Stocks turned in a relatively lackluster performance on Friday as GDP growth came in at 2.8%, below investor’s expectations. Also Economists were disappointed that much of the GDP growth in the fourth quarter was due to a positive contribution from private inventory investment. The U.S. consumer sentiment result which was also released on Friday was better than expected, but failed to lighten the session's negative mood.

US stock market daily report (January 27, 2012, Friday)

U.S. Labor Department reported new applications for unemployment benefits rose sharply last week, but initials claims remain at a level usually associated with a modest improvement in U.S. hiring trends. U.S. jobless claims climbed by 21,000 to a seasonally adjusted 377,000 in the week ended January 21 and jobless claims from two weeks ago were revised up by 4,000. The number of jobless claims frequently gyrate during January despite government efforts to adjust for seasonal factors owing to the end of temporary jobs created during the holiday season. For the first week of January, jobless claims totaled 402,000 and sank to 356,000 two weeks ago before bouncing back up again last week with the average of four-week claims fell slightly, down 2,500 to 377,500. The monthly average jobless claims has shown little change over the past six weeks, but recent levels suggest a declining number of layoffs in broader economy. The current pace of hiring, approximately 150,000 jobs a month, is barely able to absorb the natural increase in the nation’s labor force. U.S. jobless claims generally reflect how many people lose their jobs which means that the U.S. should be able to add jobs at a faster clip even if companies hire at a rate no faster than last year. However, this number falls well short of what’s needed to put millions of Americans back to work and drive down unemployment. The Labor Department reported continuing claims increased by 88,000 to a seasonally adjusted 3.55 million in the week ended January 14 - continuing claims are reported with a one-week lag. Nearly 7.64 million people received some type of state or federal benefit in the week ended January 7, down 188,612 from the prior week with total claims reported with a two-week lag.

US stock market, economy and companies update (January 27, 2012)

The DJIA and S&P500 are in the red this morning following the GDP data out this morning. US GDP grew 2.8% in Q4, a sharp acceleration from the 1.8% in Q3 and the quickest pace since the second quarter of 2010, although this rate was still less than expected. Inventory builds helped sustain growth, although lower Federal expenditures held back the measure. In Europe, no deal has emerged between Greece and its private creditors, only increasing the skittishness of investors. Both EU Commissioner Rehn and the Greek government insisted a deal is very close, however this is the same line that has been reiterated all week long. Treasury markets are flat on day consolidating the move high since the release of the FOMC statement. The US 10-year yield remains below 1.95%.

Indian stock market daily closing report (January 27, 2012)

Indian markets ended the week with gains for the fourth consecutive time. The market gained around 12% in last four weeks on account of fresh buying by FII’s due to improved global economic scenario. The markets ended up around 1% in today’s trading session led by RIL & Tata Motors. The Nifty ended up 46.4 points today, to close at 5204.7. The Sensex ended up 156.8 points, at 17,233.98. The breadth of the market was positive in  today’s trade and the total volumes were at Rs 86491 cr.

Indian stock market daily morning report (January 27, 2012, Friday)

Indian markets edged higher for the second straight day on Wednesday to their highest close in more than two months, powered by gains in IT bellwether Infosys and automaker Tata Motors, as investors resorted to selective buying amid settlement of monthly derivatives contracts. Data showing resumption of buying by foreign funds also boosted investor sentiment. Indian markets have gained ~10% so far in January, with foreign funds buying shares worth more than $1 billion.

Indian stock market and companies daily report (January 27, 2012, Friday)

The markets are expected to open sideways tracking mixed cues from the Asian markets and as investors would be waiting for the outcome of crucial Greek debt talks. US shares ended on a weak note on Thursday following some mixed economic data, with new home sales notably weak. Profit taking following recent strength also contributed to the downturn by the markets. The data came one day after the US Federal Reserve indicated that it would keep rates in the US at ultra-low levels until late 2014. European market closed to the upside on Thursday.

US stock market daily report (January 26, 2012, Thursday)

U.S. Labor Department reported new applications for unemployment benefits rose sharply last week, but initials claims remain at a level usually associated with a modest improvement in U.S. hiring trends. U.S. jobless claims climbed by 21,000 to a seasonally adjusted 377,000 in the week ended January 21 and jobless claims from two weeks ago were revised up by 4,000. The number of jobless claims frequently gyrate during January despite government efforts to adjust for seasonal factors owing to the end of temporary jobs created during the holiday season. For the first week of January, jobless claims totaled 402,000 and sank to 356,000 two weeks ago before bouncing back up again last week with the average of four-week claims fell slightly, down 2,500 to 377,500. The monthly average jobless claims has shown little change over the past six weeks, but recent levels suggest a declining number of layoffs in broader economy. The current pace of hiring, approximately 150,000 jobs a month, is barely able to absorb the natural increase in the nation’s labor force. U.S. jobless claims generally reflect how many people lose their jobs which means that the U.S. should be able to add jobs at a faster clip even if companies hire at a rate no faster than last year. However, this number falls well short of what’s needed to put millions of Americans back to work and drive down unemployment.