According to the latest data from the US Department of Labor (DoL), initial jobless claims in the United States surged by 242,000 in the week ending June 8, surpassing expectations. This increase exceeded initial estimates by 17,000, marking a notable rise compared to the previous week's gain of 229,000, which remained unrevised.
The report also highlighted a rise in continuing jobless claims, which increased by more than 1.8 million. Specifically, continuing claims climbed by 30,000 to reach 1.820 million in the week ending June 1. Moreover, the advance seasonally adjusted insured unemployment rate stood at 1.2%, while the 4-week moving average rose by 4,750 to 227,000, compared to the previous week's unrevised average.
Following the release of the data, the US Dollar Index (DXY) exhibited a slight uptick, trading around 104.80. This modest increase comes after a recent retracement in response to US Consumer Price Index (CPI) data and the Federal Open Market Committee (FOMC) event earlier in the week. Market participants continue to monitor labor market indicators closely for insights into the broader economic recovery amidst ongoing volatility and uncertainty.
Comments