The Department of Labor reported that Initial claims for unemployment benefits fell by 20,000 in the week ended May 29 to 385,000, the lowest number since March 2020. The market consensus was for a reading of 395,000.
Regarding the continued requests, there was an increase from 169,000 to 3,771,000. It is the highest reading since March. The market expectation was for a much smaller increase, to 3,615,000.
Prior to this report, there was a higher than expected rise in jobs in May in the private sector according to the ADP report. The data had prompted the dollar which advanced even further after the unemployment benefits report.
Later on Thursday the ISM report for the services sector will be published (14:00 GMT). On Friday it will be the turn of the official employment report for May, which includes non-farm payrolls (consensus: 664,000) and the unemployment rate (5.9%).
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