The new quarter started off on the right foot, at least that’s the market’s feeling after the US Department of Labor published its weekly report of unemployment claims.
For the week ended on September 25, the numbers came in at 837,000, lower than the 850,000 expected. Compared to last week’s figures, a 36,000 drop can be noticed. It marks the fifth consecutive week that claims came under 1 million, after passing the threshold for five months following the pandemic-induced economic shutdown.
At a state level, the most significant drops were reported in Florida and Texas: 9,668 and 8,353, respectively.
Now, all eyes are on tomorrow’s non-farm payrolls report. The market is looking for 800,000 jobs created in September. Also, the unemployment rate is expected to drop to 8.2%.
The benchmarks opened higher following the news. USA30 was trading 1.20% higher, while USA500 added 0.83%. TECH100 went up 0.74%.
Read more about the US unemployment claims on CAPEX.com!
Sources: forexfactory.com, cnbc.com, investing.com