Weekly jobless claims rise; US Q2 economy grew slightly faster than expected
The number of people who filed for unemployment insurance for the first-time last week came in at 353,000, higher than what the markets were looking for - 345,000 new filings.
Weekly claims held around the best levels since March 2020, though they are all well above the pre-pandemic levels and show signs of flattening.
At the same time, the second estimate for Q2 GDP came in at 6.6% short of the 6.7% expected, according to data from the Commerce Department. The increase was driven by Federal Reserve’s ultra-easy monetary policy stance, keeping interest rates at historically low levels and boosting stock market prices. Moreover, the market got a lift from vaccinations, which fueled demand for services such as air travel, hotel accommodation, dining out, and entertainment.
Despite concerns over sharply rising cases of Delta COVID-19 variant, these two reports paint a picture of a growing economy through the pandemic.
Markets barely reacted to the news, with stock futures indicating a primarily flat open on Wall Street.
Sources: cnbc.com, forexfactory.com
Users/readers should not rely solely on the information presented herewith and should do their own research/analysis by also reading the actual underlying research. The content herewith is generic and does not take into consideration individual personal circumstances, investment experience or current financial situation.
Therefore, Key Way Investments Ltd shall not accept any responsibility for any losses of traders due to the use and the content of the information presented herein. Past performance and forecasts are not reliable indicators of future results.