Surprising drop in the number of Unemployment Claims

April 15, 2021
Surprising drop in the number of Unemployment Claims

Positive market reaction to the latest economic data

According to the Department of Labor’s latest report, in the past week, 576K people filed for unemployment for the first time. The figures topped the 703K expect by analysts, and it’s also a new COVID-19-era low. The labor market seems to be recovering, given that last month 916K jobs were created.

Moreover, the Commerce Department revealed that retail sales jumped 9.8% last month. The surge was driven by the fact that people spent their latest stimulus check. The result came ahead of the 5.8% touted.

Following the news, USA500 and TECH100 gained 0.7% and 1%, respectively.

Sources: forexfactory.com, investing.com

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