the number of US citizens submitting new applications for unemployment insurance increased to 215K for the week ending May 23.
According to a report from the US Department of Labour (DOL) released on Thursday, the number of US citizens submitting new applications for unemployment insurance increased to 215K for the week ending May 23. The latest print came in above initial estimates and was higher than the previous week’s 210K (revised from 209K).
Additionally, the 4-week moving average went up by 6.25K, bringing it to 209K from the revised average of the previous week (202.75K). The report also indicated that Continuing Jobless Claims increased by 15K to 1.786M for the week ending May 16. Market reaction The Greenback trades with marginal gains amid steady uncertainty in the geopolitical landscape, with the US Dollar Index (DXY) navigating the 99.20 area in a context of widespread lack of direction in the risk complex.
Employment FAQs Labor market conditions are a key element to assess the health of an economy and thus a key driver for currency valuation. High employment, or low unemployment, has positive implications for consumer spending and thus economic growth, boosting the value of the local currency. Moreover, a very tight labor market – a situation in which there is a shortage of workers to fill open positions – can also have implications on inflation levels and thus monetary policy as low labor supply and high demand leads to higher wages.