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 who filed for unemployment benefits was 264,000 in the week ended June 17, higher than market expectations to match the upwardly revised value in the previous week, and the highest since October 2021. The result is in line with other recent data that reflects some decline in states. The US labor market is after a long period of severe tightening, as US companies are beginning to feel the impact of the Federal Reserve's aggressive hawkish campaign. The four-week moving average, which removes weekly volatility, rose by 8,500 to 255,750. On a non-seasonally adjusted basis, claims decreased by 1,237 to 250,037

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

The expected result for today's statement is 264 thousand
In the event that the current statement issued a result higher than expected, it negatively affects the currency, and vice versa

The timing of the statement

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