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 7,000 from the previous week to 221,000 in the week ended July 22, the lowest level in five months, and sharply below the market expectation of 235,000. Additionally, continuing claims fell by 59,000 to 1. 690,000 in the previous week, the lowest number since January, indicating that job seekers are quickly able to find new jobs. The result further underlined the severe tightening in the US labor market, supporting some bets that the Federal Reserve is calling for that it may continue to extend the tightening cycle into September. The four-week moving average, which removes weekly volatility, fell by 3,750 to 233,750. Seasonally adjusted initial claims decreased by 44,487 to 213,677, dragged down by declines in New York (-9,358), California (-4,419), and Florida (-3,113).

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

The expected result for today's statement is 226 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