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 by 12,000 from the previous week to 237,000 in the week ending July 8, well below market expectations of 250,000. The result is in line with recent data highlighting the resolutely tight labor market in the US, boosting the possibility of a 25 basis point rate hike at the next Federal Reserve meeting. The four-week moving average, which removes weekly volatility, fell by 6,750 to 246,750. On an adjusted off-season basis, claims rose by 6,928 to 258,614 as sharp increases in New York (+8,188) offset declines in New Jersey (-3,437) and Connecticut (-1,609). Meanwhile, continuing claims rose by 11,000 in the previous week, but remained near a downwardly revised four-month low since the end of June, reflecting that conditions for jobseekers may be improving.

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

The expected result for today's statement is 239 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