US: Initial Jobless Claims rose more than estimated last week

Initial Jobless Claims rose by 249K vs. the previous week.
Continuing Jobless Claims rose by nearly 1.880M.

Pablo Piovano FXStreet

US citizens that applied for unemployment insurance benefits increased by 249K in the week ending July 27 according to the US Department of Labor (DoL) on Thursday. The prints came in above initial consensus (236K) and were higher than the previous weekly gain of 235K.

Further details of the publication revealed that the advance seasonally adjusted insured unemployment rate was 1.2% and the 4-week moving average was 238.00K, an increase of 2.5K from the previous week's unrevised average.

In addition, Continuing Claims increased by 33K to 1.877M in the week ended July 20.

Market reaction

The US Dollar Index (DXY) comes under some pressure and leaves earlier tops past 104.40 against the backdrop of the incessant move lower in US yields across the curve.

(This story was corrected on August 1 at 12:55 GMT to say that Initial Jobless Claims were higher than the previous weekly gain of 235K, not lower).

Author

Pablo Piovano

FXStreet

Born and bred in Argentina, Pablo has been carrying on with his passion for FX markets and trading since his first college years.

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