Unemployment Claims 19/5/2022
This article includes an explanation of unemployment claims rates, their impact on financial markets, expectations for today's data, and a review of previous data
The Unemployment Claims rates determine the amount of individuals claiming unemployment insurance for the first time during the past week. This weekly indicator provides very timely data, but traders see unemployment as a slowing indicator that gives little indication of the future performance of the economy. A downward trend has a positive effect on a country's currency, as workers tend to spend more money, and consumption makes up a large part of GDP.
The number of Americans filing new claims for unemployment benefits rose by 1,000 to 203,000 in the week ending May 7, 2022, from 202,000 in the previous period and more than market estimates of 195,000. It's the highest reading since mid-February. On a seasonally unadjusted basis, initial claims declined 6,554 from the previous week to 191,803, with declines notable in Massachusetts (-3,140), California (-2,816), and New Jersey (-2,466). The 4-week moving average, which removes weekly volatility, was 192.750, an increase of 4,250 over the previous week's revised average.
Estimate for today's data is 200,000
In the event that the current release was less than expected, this is an indication of the lack of unemployment complaints, which affects the currency in a positive way and vice versa
The statement will be issued at 3:30 pm Beirut time
Tags : USD