The latest data shows the weakness of the US economy
The US Department of #Labor posted the weekly #unemployment claims, which were roughly in line with the expectations. Analysts were hoping for exactly one million, while the actual figures were of 1.006 million. This report marks the 23rd week with initial claims rising above 1 million.
The states that reported the highest claims were Florida and New Jersey, with more than 11,000 filings.
Simultaneously, the Bureau of Economic Analysis reported the most significant quarterly contraction in activity on record. The GDP for the last quarter plummeted 31.7% on an annualized basis. However, it came lower than 32.5% expected.
Now, all eyes are on Jerome Powell's speech about the #Fed's measures to keep the US economy afloat.
Following the reports, USA30 gained 0.3%. USA500 and TECH100 added 0.2% each.
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Sources: cnbc.com, forexfactory.com, reuters.com
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