The market was expecting the number of unemployment claims to hold below 500,000 for a second consecutive week, with new filing inching back to pre-pandemic level as more and more Americans are getting vaccinated and are able to return to work.
According to the latest report from the US Department of Labor, markets’ expectations were met. In the past week, 473,000 people filed for the first time for unemployment, the figures coming slightly ahead of the 487,000 consensus.
States such as South Carolina and Montana have recently revealed their plan to pull out of federal unemployment benefit programs to speed up the hiring processes.
Sources: Bloomberg.com, cnbc.com, forexfactory.com