Lower-than-expected US unemployment claims

Lower-than-expected US unemployment claims

The number of claims reached the lowest point in two months

The number of people who filed for the first time for unemployment claims turned out to be lower than the 828,000 expected, the figures coming in at 779,000, according to the latest report from the US Department of Labor. It is the second consecutive reading when the numbers show a decrease.

It is also the lowest reading since November 28, and it shows a slow recovery of the US economy from the COVID-19 pandemic.

The markets’ reaction was largely unchanged: USA30 dropped 0.1%, while USA500 and TECH100 gained 0.1% and 0.3% respectively. The sentiment continues to be boosted by the expectation of a new US stimulus package. According to the Wall Street Journal, President Joe Biden could be open to compromise on the size of the previously touted $1.9 trillion fiscal aid.

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Sources: forexfactory.com, investing.com

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