Unemployment claims still high, while the unemployment rate got lower.
The latest reports from the Bureau of Labor Statistics and the Labor Department showed mixed data.
On the one hand, 4.8 million jobs have been created in June, much more than 2.9 million expected by economists, which is the most significant single-month gain in U.S. history. The hospitality and leisure sector is responsible for approximately 40% of the growth, with 2.1 million jobs. Simultaneously, the unemployment rate dropped to 11.1% from a previous 13.3%, driven by people returning to work from temporary layoffs.
On the other hand, the week ending June 27 brought another 1.427 million initial jobless claims, lower than the previous week, but higher than 1.350 million expected.
Markets returned to old habits, and moved against the current: USA30 gained 1.6%, while USA500 jumped 1.24%. TECH100 rose 0.9%. Since Friday, all three of them are on their way to a week of gains: USA30 is up 2.8%, and USA500 added 3.5%, TECH100 distances itself from the rest by an increase of 4%.
Read more about the unemployment claims here!
Sources: forexfactory.com, cnbc.com
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