U.S. Labor Market Continues to Improve While Pressure Mounts for the ECB

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The labor market continues to show improving strength. Initial jobless claims came in last week at 278k, the lowest level since the Great Recession and the second lowest level in 35 years. This is good news for the consumer and consumer spending, but it also may signal stronger wage growth which will increase inflation, currently below the Fed's target of 2 percent. Meanwhile, all investor eyes are on Europe and the mounting pressure for the ECB to undertake additional stimulus. Please see Euro Zone Real GDP on page 17 of the Voya Global Perspectives book.

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