- Jobless claims fall by 5,000 to 256,000.
- Continued orders fall from maximum in months to 1,359,000.
- The dollar falls after GDP data.
The United States Department of Labor reported that Initial jobless claims fell by 5,000 in the week ending July 23 to 256,000, slightly above the 253,000 market consensus.
In regards to the continued orders these fell by 25,000 in the week ended July 16 to 1,359,000, lower than the 1,380,000 expected.
At the same time it was known that the US economy contracted at a rate of 0.9% in the second quarter, a fact that was a negative surprise since an expansion of 0.5% was expected. It implied the second consecutive quarter with negative growth, implying a technical recession.
The dollar fell back after the data on all fronts, while Wall Street futures trimmed losses.
Source: Fx Street
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