Lower-than-expected US Unemployment Claims. Q3 was the best quarter for the US’s GDP

October 29, 2020

The American economy seems to be on an upward trajectory

Today was a big day for the American markets, as key economic data was released. In the US, reports from the Department of Labour and the Bureau of Economic Analysis brought positive news. In the past quarter, the American GDP expanded 33.1% - marking the fastest pace ever. The figures topped the expected 32%.

Another reason for joy was the number of unemployment claims. The week which ended on 24th October was the second consecutive one when figures came below the expectations. The latest reading was 751,000 while the market was looking for 773,000 unemployed people.

The American benchmarks greeted the news. USA500 opened 0.4% higher, while TECH100 went up 0.8%.

Sources: forexfactory.com, investing.com

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