The Department of Labor reported that Initial claims for unemployment benefits increased by 9,000 in the week ending February 27 to 745,000. The market consensus was for a reading around 750,000.
Regarding the continued unemployment benefit claims, they were down 124,000 to 4,295,000 in the week ending February 20. The data was better than expected, which was 4.3 million. It is the lowest reading in a year.
The data had no impact on the market. Operators are waiting for the words of Jerome Powell, the president of the Federal Reserve, while they are observing the events in the bond market. Regarding employment data, Friday will be the turn of the official employment report, with farm payrolls and the unemployment rate.
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