US winning the global economic competition

<p>Kia ora,</p><p>Welcome to Friday’s Economy Watch where we follow the economic events and trends that affect Aotearoa/New Zealand.</p><p>I'm David Chaston and this is the International edition from Interest.co.nz.</p><p>Today we lead with news the bond market is over yesterday's retreat and yields are rising again today.</p><p>But first, <a href="https://www.dol.gov/sites/dolgov/files/OPA/newsreleases/ui-claims/20220537.pdf" target="_blank"><strong>new claims for jobless benefits</strong></a> hit a new and impressive low last week, falling again so that they are now their lowest level since September, 1969. There are now 1.73 mln people on these benefits. Their insured jobless rate is now just 1.3% of their workforce, and that is a record all-time low. (The highest ever was during the Trump pandemic at just under 16%.) It also backs up the overall very low general <a href="https://www.bls.gov/news.release/empsit.nr0.htm" target="_blank"><strong>jobless rate of 3.8%</strong></a> in February and strongly suggests it will be reported lower than this when the March data is released in about two weeks.</p><p>But it is not all good news in the world's largest economy. Core <a href="https://www.census.gov/manufacturing/m3/adv/pdf/durgd.pdf" target="_blank"><strong>durable goods orders</strong></a> for February were expected to rise from January, but in fact they fell. It wasn't much, but is was a slip all the same. If you include aircraft and defense orders, the fall was more. But on a year-on-year basis they were up +12.5%, and capital goods orders were up +13.3% on that basis.</p><p>Orders might have slowed marginally, but activity is increasing. The latest <a href="https://www.markiteconomics.com/Public/Home/PressRelease/ceb16fda72394fccad812e351f89d8df" target="_blank"><strong>March PMI data from the Markit surveys</strong></a> points to rising levels in factory activity and a six month high. Their services sector is expanding just as fast and now at an eight month high.</p><p>The regional <a href="https://www.kan