Bank of England Rates Unchanged 3.75%
Econoday reports: As expected, the Bank of England's Monetary Policy Committee left its key interest rate at 3.75 percent. The MPC had increased its rate by 25 basis points at its November 6, 2003 meeting after lowering it in July by 25 basis points as a precaution.
European Central Bank Rates Unchanged 2%
Econoday reports: As expected, the European Central Bank left their key interest rate at 2 percent as the economy of the 12 member EMU slowly begins to show signs of recovery. The Bank had lowered its policymaking interest rate by 50 basis points to 2.0 percent at its June 5 meeting. This is the lowest rate among the 12 nations sharing the euro since at least 1948.
Jobless Claims 365,000
Econoday reports: Jobless claims ended a month of positive surprises, rising an adjusted 11,000 in the week ended November 29 to 365,000. The four-week average for adjusted claims, offering a smoother look at the data, rose a milder 3,000 to 362,500.
Chain Store Sales: Weak
Econoday reports: U.S. chain stores posted mostly weak results in November, not confirming expectations for a robust holiday shopping season. Wal-Mart, which dominates general merchandise, said post-Thanksgiving sales were disappointing. Department stores Kohl's, Penney's and Sears all reported weak sales. In contrast, sales at upscale department stores Nordstrom and Saks were strong, reflecting at least some demand at the top end of the market. But Federated Department Stores, which operates Macy's and Bloomingdale's, posted weak sales.
03.12.04 15:30 #