Unemployment Claims

The Unemployment Claims Rate determines the amount of individuals who claimed unemployment insurance for the first time during the past week. This weekly indicator provides very temporary data, but traders see Unemployment as a lagging indicator that gives little indication of the future performance of the economy. The downward trend has a positive effect on the country's currency, as working people tend to spend more money, and consumption makes up a large portion of GDP
The number of Americans filing for unemployment benefits fell to 242,000 in the week ending May 13, down from an 18-month high of 264,000 and below market expectations of 254,000. The latest reading indicated that the US labor market remains relatively tight, which could put upward pressure on wages and provide an opportunity for the Federal Reserve to implement further interest rate increases in its efforts to combat inflation. The four-week moving average, which removes weekly volatility, is down slightly at 244.25K. On a non-seasonally adjusted basis, claims were down 18.6K from the prior week to 215.8K, with notable declines in Massachusetts (-14.0K), Missouri (-2.3K), and New Jersey (-1.1K).

Outlook for today's statement and how it will affect the currency

The expected result for today's statement is 249 thousand
In the event that the current statement issued a result higher than expected, it will positively affect the currency, and vice versa

The timing of the statement

The report will be issued at 3:30 pm Mecca Al-Mukarramah time