The latest unemployment claims figures came in at 215,000, marking the lowest reading since the beginning of the year, as COVID-19 cases declined, and restrictions eased. The number was lower than what analysts were looking for – 223,000. The drop in unemployment claims is in line with a strong labor market recovering from the Omicron variant, which forced businesses to close. This trend is expected to continue as activity reignites.
However, companies are still looking for workers to fill nearly 11 million job openings. Currently, there are approx. 4.4 million more employment openings than there are unemployed workers looking for jobs.
Now, traders are looking forward to tomorrow’s non-farm payrolls report. The market is looking for 407,000 jobs to have been created last month.
Sources: Bloomberg.com, cnbc.com, forexfactory.com