Data released by the US Department of Labor this afternoon revealed a slowing in unemployment growth for the final week of July. Seeing a rise of 398,000 new claims for first-time unemployment benefits does not sound optimistic, but it is the lowest increase seen in the weekly report since the third week of April.
Forecasts were expecting a rise of 413,000 new claims, making this better-than-forecast report a sign of market optimism. Weekly data has the tendency to shift dramatically, meaning this week’s report could be an outlier in the macro data, but it is no less beneficial for short-term traders.
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