Unemployment claims for May fell below expectations.
The number of people who filed for unemployment benefits week by week due to the pandemic is getting lower.
The latest report from the Department of Labor delivered promising data. From an expected 1.55 million, the real number adjusted to 1.54 million. Although it decelerated for ten consecutive weeks, it still remained high from a historical point of view. California showcased the most significant number – an estimate of 258, 000.
Overall, in the past three months, over 44 million filed for unemployment. Now, the unemployment rate fell from 14.7% to 13.3%, pushed by the 2.5 million non-farm payrolls.
The market had no reaction to the news but was moved upon opening by the increased number of new coronavirus cases emerging after some states reopened. USA30 lost 3.4%, while USA500 fell 2.7%. TECH100 shed 1.9%.
Sources: forexfactory.com, cnbc.com, finance.yahoo.com
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