US Unemployment Claims Fall After Three Consecutive Weeks of Increases

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.

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ABOUT THE AUTHOR See More
Arslan Butt
Index & Commodity Analyst
Arslan Butt serves as the Lead Commodities and Indices Analyst, bringing a wealth of expertise to the field. With an MBA in Behavioral Finance and active progress towards a Ph.D., Arslan possesses a deep understanding of market dynamics.His professional journey includes a significant role as a senior analyst at a leading brokerage firm, complementing his extensive experience as a market analyst and day trader. Adept in educating others, Arslan has a commendable track record as an instructor and public speaker.His incisive analyses, particularly within the realms of cryptocurrency and forex markets, are showcased across esteemed financial publications such as ForexCrunch, InsideBitcoins, and EconomyWatch, solidifying his reputation in the financial community.
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