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Investing.com – The US weekly jobless claims data is now out, which should provide more clues about the Fed’s next monetary policy moves, as well as how strong the labor market is.
The data this time came in line with the vision of the Fed, who wants a weak labor market and greater unemployment to achieve a soft recession and then lower inflation, as applications for unemployment benefits rose, which indicates that the labor market is getting weaker. Which supports the Fed’s calmness in its monetary policy in the coming period. And that’s after claims rose compared to last Thursday’s reading.
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Unemployment data
It registered 227,000 applications, according to experts’ forecasts. However, it had recorded 221 thousand the week before last.
Thus, it rose in 4 weeks to 228.25 thousand, after it recorded 233.75 thousand the week before last.
The Unemployment Weekly Index provides very timely data, quantifying the amount of individuals who claimed unemployment insurance for the first time during the past week and traders view 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.
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And the dollar after the release of the data
It fell by 0.23% to $1,970 an ounce.
While spot contracts fell by 0.1% to 1932 dollars an ounce.
On the other hand, it rose by 0.1% to 102,550 points.
2023-08-03 12:32:00
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