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 jumped to 261,000 in the week ending June 3, 2023 that included the Labor Day holiday, the highest number since October 2021, and above market expectations of 235,000. Last week's numbers were revised slightly higher to 233K from 232K. It marks the third consecutive week of increases in the number of initial jobless claims, a sign that the strength of the labor market may be fading. The four-week moving average that removes weekly volatility was 237.25K, an increase of 7.5K from the previous week. Based on unadjusted data, the largest increases in initial claims were in Ohio (6.345K), California (5.173K), and Minnesota (2.746K), while the largest decreases were in Connecticut (-2.35K) and New York (-1.243K). ). Meanwhile, continuing claims fell to 1,757K from 1,794K, the lowest since mid-February and below expectations of 1,800K.

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

The expected result for today's statement is 246 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