US initial jobless claims fell by 26,000 claims to 239,000 claims in the week ended June 24, the lowest level since May, indicating the labor market remains fairly strong, according to a US Labor Department report on Thursday (6/29).
The first quarter GDP figure was the most surprising given it significantly surpassed expectations but initial jobless claims were much lower than forecast and recent trends. Resilience is not something we usually complain about but on this occasion, it could have hurt the economy, said Craig Erlam, senior market analyst at OANDA, a supplier of multi-asset online trading services.
“It was a mixed trading session on Thursday as we got more evidence of economic resilience from the United States which left investors wondering if they had once again underestimated how much monetary tightening would be necessary,” Erlam said.
Read more: Dollar Rises on Strong US GDP and Labor Data
