The initial claims for unemployment insurance declined to a new pandemic-era low in the previous week.
EURUSD dips -0.17%
The first-time filings for benefits were 360,000, matching Dow Jones estimates and the best figures since March 14 2020. The total filings represented a significant decline from past week’s upwardly revised figures at 386,000.
Continuing claims also fell sharply to 3.24 million, a 126,000 decrease. That also showed the jobs market is still miles away from getting back to pre-pandemic position.
Markets were less sensitive to the claims news, with stock market futures trending lower and government bond yields edging down after the release.
Americans collecting benefits under government programs also fell sharply by 449,642 to 14.2 million by June 19.
As the labor market rebounds, multiple states have stopped providing enhanced benefits provided during the crisis.
New York manufacturing activities rose at a record pace with the new orders and shipments surging higher.