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Better-than-expected US Unemployment Claims

Better-than-expected US Unemployment Claims

The US labor market shows signs of recovery

The latest report from the US Department of Labor came in, and the weekly #unemployment claims figures were better than forecasted.

In the past week, 881,000 people filed for unemployment benefits. It marks the second consecutive week when the figures came in below 1 million. Compared to last week’s numbers, the number of claims decreased with 130,000, showing an improved labor market.

At a state level, Florida reported the most significant decline – 12,312. At the same time, California had the biggest increase – 39,958.

Now, economists are expecting the non-farm payrolls report for August. According to them, the unemployment rate should fall to 9.8% from the current 10.2%.

The markets' reaction was mixed. Following the report, USA500 traded 0.45% lower, while TECH100 reported a 1.1% loss. USA30 barely moved, trading 0.02% higher.

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