- Weekly US jobless claims increased by 2,000 in the week ending May 27.
- Continued claims for jobless benefits increased by 6,000 in the week ending May 20.
- Dollar Index bounces after ADP report, loses momentum after Unit Labor Costs report.
Weekly claims for unemployment benefits rose to 232,000 in the week ending May 27, weekly data released by the US Department of Labor (DOL) showed on Thursday. The figure is after the 230,000 of the previous week and below the 235,000 expected by the market. The four-week moving average was 229,500, down 2,500 from the previous week’s revised average,” the DOL added in its post.
“The seasonally adjusted advanced insured unemployment rate was 1.2% for the week ending May 20, unchanged from the prior week’s unrevised rate.” Continuing claims rose 6,000 in the week ending May 20 to 1.795 million, below market consensus of 1.8 million.
Market reaction:
He American dollar gained momentum after the release of the latest employment data. The ADP report beat expectations, revealing an increase in private payrolls of 278,000 in May. Non-Farm Payrolls will be published on Friday. The DXY stands at 104.10, slightly lower.
Source: Fx Street
I am Joshua Winder, a senior-level journalist and editor at World Stock Market. I specialize in covering news related to the stock market and economic trends. With more than 8 years of experience in this field, I have become an expert in financial reporting.
