Unemployment Claims 23/6/2022

The Unemployment Claims rates determine the amount of individuals claiming unemployment insurance for the first time during the past week. This weekly indicator provides very timely data, but traders see unemployment as a slowing indicator that gives little indication of the future performance of the economy. A downward trend has a positive effect on a country's currency, as workers tend to spend more money, and consumption makes up a large part of GDP.

The number of Americans filing new claims for unemployment benefits fell by 3,000 to 229 thousand in the week ending June 11, falling short of market expectations of 210 thousand indicating once again an exceptionally tight labor market. Meanwhile, on a non-seasonally adjusted basis, initial claims increased 17,695 from the previous week to 204,461, with notable gains in Florida (+2,098), Georgia (+2,060), Pennsylvania (+1,134), Missouri (+1,053) and Illinois (+827). The 4-week moving average was 218,500, an increase of 2750 over the previous week's revised average

Estimate for today's data is 227 thousand

In the event that the current release was less than expected, this is an indication of the lack of unemployment complaints, which affects the currency in a positive way and vice versa

The statement will be issued at 3:30 pm Beirut time