BREAKING: US Unemployment Claims above 3.1 Million

About 3,169  million workers  have filed unemployment claims during the week ended May 2nd. It is the smallest rise in initial claims in 7 weeks, bringing the total to about 33 million. The cumulative number far surpassed all of the jobs created since mid-2009, the end of the last recession. The number of Americans filing for unemployment benefits was 3.839 million in the week ended April 25th, compared to 4.442 million in the prior week and market expectations of 3.5 million.

 

Initial jobless claims 4 week moving average 4173.5K versus 5035K last week. Continuing claims 22647K versus 19800K estimate. The prior week was revised to 18011K versus 17992K initially reported.Continuing claims 4 week moving average 17097.75K vs 13297.5K last week

For tommorows Non-Farm Employment Change  report for April, analysts are forecasting at least 21 million job losses and an unemployment rate of 16 % or more — the highest rate since the Great Depression of the 1930s.

After the publication of the report,  EURUSD  went slightly higher and bounced off the support at 1.0777. The S&P 500 index dropped slighty. Source: xStation5

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