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 was 262,000 in the week ended June 10, well above market expectations of 249,000 to match the prior week's upwardly revised value, and the highest since October 2021. The result is in line with other recent data that reflects Some downturn in the US labor market after a long period of stubborn tightening, as US companies begin to feel the impact of the Federal Reserve's aggressive tightening campaign. The four-week moving average, which removes weekly volatility, rose by 9,250 to 246,750. On a non-seasonally adjusted basis, claims jumped by 28,763 to 249,212, with notable increases in Texas (+7,123) and Minnesota (+3,664). Meanwhile, continuing claims rose by 20,000 from the previous week to 1,775,000, above market expectations of 1,665,000, to reflect the increasing difficulty for job seekers finding work.

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

The expected result for today's statement is 261 thousand
In the event that the current statement issued a result lower 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