US: Weekly Initial Jobless Claims decline to 221K vs. 235K expected
|- Initial Jobless Claims decreased by 7,000 in the week ending July 22.
- Continuing Jobless Claims decline by 59,000 in the week ending July 15.
- US Dollar Index erases daily losses and rises back above 101.00 after Jobless Claims, Q2 GDP and Durable Goods Orders.
Initial Jobless claims totaled 221,000 in the week ending July 22, the weekly data published by the US Department of Labor (DOL) showed on Thursday. It is the lowest reading in five months.
The print follows the previous week's 228,000 (unrevised) and came in below market expectations of 235,000. Further details showed that “the 4-week moving average was 233,750, a decrease of 3,750 from the previous week's unrevised average of 237,500.”
Continuing Claims decline by 59,000 in the week ended July 15 to 1.69 million, a reading better than market estimates of 1.75 million. It is the lowest level since January. The four-week moving average was 1,719,500, a decrease of 10,750 from the previous week's average.
Market reaction:
Along with the Jobless Claims, the Q2 GDP data and the Durable Goods Order report were released. The US Dollar Index jumped from 100.55 to 101.10, erasing daily losses. US yields jumped following US economic reports that overall surpassed expectations.
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