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
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.
Sources: cnbc.com, forexfactory.com, reuters.com