US Unemployment Claims Fall After Three Consecutive Weeks of Increases
Arslan Butt • 1 min read
According to the US Labor Department, the number of Americans filing for unemployment benefits fell sharply last week, beating expectations. For the week ending June 15, initial claims for state unemployment benefits declined by 6,000 to touch a seasonally adjusted figure of 216,000, against an expected 222,000.
After three consecutive weeks of increasing numbers, this latest figure comes as much-needed relief to reassure investors about the strong labor market in the US. Against the backdrop of the ongoing trade war with China and weakening economic data, unemployment benefits become more important a figure for gauging the health of the economy.
However, this positive data has done little to move the US dollar index, which continues to trade weaker after yesterday’s dovish remarks from the Fed. At the time of writing, DXY is trading at 96.67.