Unexpected rise in the number of Unemployment Claims

Unexpected rise in the number of Unemployment Claims

Higher-than-expected jobless claims in the first week of April

Last week, first-time unemployment claims rose more than expected, despite the signs of an economic recovery, as data from the US Department of Labor showed.

In the past week, 744K people filed for unemployment insurance, well above the 682K forecasted.

The figures came a week after the labor market showed signs of a strong recovery, with 916K new jobs created in March and an unemployment rate of 6%.

Despite the progress, the Federal Reserve lawmakers stated that the market needs much more improvement to recover from the COVID-19 pandemic. Moreover, according to its meeting minutes, the bank is keeping its monetary policy unchanged.

Following the news, the Dollar driven assets traded in a mixed manner.

Sources: forexfactory.com, cnbc.com

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