Breath of fresh air for the US labor market

Breath of fresh air for the US labor market

Despite the latest improvement, the US labor market remains challenged

The US Department of Labor reported the weekly figures for unemployment claims.

The numbers came in at 730,000, lower than the 828,000 forecasted, thus marking the first time in seven weeks when they dropped below the 800,000 threshold.

On the other hand, the number of people who file for unemployment benefits through pandemic-related programs continues to rise, with more than 19 million Americans receiving compensation.

Along with the jobless claims came the second reading for the fourth-quarter GDP from the US Department of Commerce. The gross domestic product increased 4.1% in the fourth quarter of 2020, missing the 4.2% growth expected.

The market reacted negatively to these latest reports, with USA30 and USA500 losing 0.02% and 0.42%, respectively in premarket trading.

Sources: forexfactory.com, cnbc.com

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