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US Unemployment Claims topped estimates

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Miguel A. Rodriguez
Miguel A. Rodriguez
01 April 2021
Despite the signs of an economic recovery, the labor market still has room for improvement

The number of unemployment claims rose last week, according to the latest report from the US Department of Labor.

First-time claims came in at 719K compared to what the markets were expecting – 678K. Despite the high number, the overall trend is downward as the US economy is in a middle of a recovery. Moreover, almost 3 million Americans have received the COVID-19 vaccine. Also, the Biden Administration continues to pour money to boost the country’s economy, as today it revealed a $2 trillion spending plan.

This report comes one day ahead of the government’s non-farm payrolls for March. The market expects 652K new jobs.

Despite the news, USA30 and USA500 are 0.13% and 0.14% higher in pre-market trading.

Sources: forexfactory.com, cnbc.com

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Miguel A. Rodriguez
Miguel A. Rodriguez
Financial Writer

Miguel worked for major financial institutions such as Banco Santander, and Banco Central-Hispano. He is a published author of currency trading books. 

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