In the week ending August 3, the number of U.S. citizens applying for unemployment insurance benefits increased by 233,000, according to the U.S. Department of Labor (DoL) report released on Thursday. This figure came in below the initial consensus of 240,000 and was also lower than the previous week’s revised gain of 250,000.
Economic Calendar 08/08/24 (Myfxbook)
The report also highlighted that the advance seasonally adjusted insured unemployment rate stood at 1.2%, while the 4-week moving average rose by 2,500 to 240,750 from the previous week’s revised average. Continuing Claims, reflecting the number of people still receiving unemployment benefits after an initial week of aid, increased by 6,000 to 1.875 million in the week ended July 27.
Following the release, the U.S. Dollar Index (DXY) maintained its upward momentum, advancing to daily highs near 103.40. This strength in the dollar was accompanied by gains in U.S. Treasury yields across the curve, indicating continued confidence in the U.S. economy despite the rise in unemployment claims.