First-time claims for unemployment figures came in lower-than-forecasted.
According to the US Labor Department, last week, 745,000 filed for unemployment benefits. The market was looking for 758,000. Although the number was lower, the total was a slight uptick from the previous week’s 730,000.
Despite the progress made with the COVID-19 vaccination programs and the predominantly positive economic data, the number of filings increased in key states such as Texas, Ohio, and New York.
This report came after yesterday’s ADP, which showed that the private sector created 117,000 jobs in the past month, below the 203,000 consensus.
The market quickly reacted, with USA30 and USA500 trading 0.19% and 0.04% higher, respectively.
Now, all eyes are on tomorrow’s non-farm payrolls.
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Sources: forexfactory.com, cnbc.com