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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.
This time, the data is inconsistent with the Fed’s vision, which desires a weak labor market and economy and greater unemployment to achieve a soft recession and then lower inflation, as applications for unemployment benefits decreased, which indicates that the labor market and the economy are getting stronger. This motivates the Fed to continue its tight monetary policy in the coming period.
Immediately after the issuance of the data, it turned to losses on the one hand, while it strengthened its upward trend on the other hand.
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Also read:
Unemployment data
It registered 216 thousand applications, while expectations indicated that 234 thousand applications would be registered. However, it had recorded 228 thousand the week before last, but this reading was revised to 229 thousand.
Thus, it recorded 229.25 thousand in 4 weeks, after it recorded 237.75 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.
Gold and the dollar now
It is now declining by 0.16%, to $1,941 an ounce.
While the spot contracts for gold settle at 1917 dollars an ounce.
On the other hand, the dollar index rose by 0.27% to 105,110 points.
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2023-09-07 12:32:00
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