“US Unemployment Data Disappoints, Markets React: Analysis & Insights”

Investing.com – US unemployment data is now out of line with expectations, as the significance of the just released data is that it comes hours after the US Federal Reserve’s decision.

The data issued now is consistent with the vision of those who want a weak labor market and greater unemployment to achieve a soft recession and then lower inflation, as requests for unemployment benefits rose, i.e. came higher than market expectations, and higher than the week before last.

Immediately after the release of the data, gold trimmed its gains, while the dollar reversed its trend, to rise now to the highest level of 101 points.

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Unemployment data

It recorded 242,000 applications, higher than the forecast of experts, who expected 240,000. Especially since it recorded 230 thousand the week before last, but this reading has been revised to record now 229 thousand.

Thus, it rose in 4 weeks to 239.25 thousand, after recording the week before last 235.75 thousand.

The weekly unemployment indicator provides very timely data, identifies the amount of individuals who claimed unemployment insurance for the first time during the past week and traders see the unemployment rate as an indicator that gives little indication of the future performance of the economy. The two downtrends have a positive effect on the country’s currency, as working people tend to spend more money.

Gold and the dollar now

It rose 0.35% to $2,044.

While it declined at $2035 an ounce, by 0.15%.

On the other hand, it rose by 0.2%, to score 101.3 points.

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