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US Initial Jobless Claims declined during last week

jobsThe number of American citizens, filed for unemployment assistance, decreased during the week until June 1st 2013, despite the fact that the more extended indicator showed US labour market advanced at a slower pace. Initial Jobless Claims in the United States decreased by 11 000 to seasonally adjusted 346 000 during last week, almost in line with experts forecasts, 345 000. Some analysts stated this was a positive mark that US labour market continued on the path to sustainable recovery. Initial Jobless Claims indicator managed to pull back from the 5-year low, registered during the preceding month, 357 000 according to revised data.

The wider indicator, that reflects data, lacking seasonal effects (the average amount of jobless claims during the past four weeks), increased by 4 500 to 352 000 claims. The presented data proved that labour market had been developing in uneven manner, with economy gaining momentum at a slower rate. Hiring was stable at the beginning of this year, but latest reports showed employment in the United States rose at a slower rate.

Moments after the release of this news, EUR/USD registered a sudden drop from 1.3111 down to 1.3091, but subsequently the pair managed to regain positions, gradually reaching levels, at which it was traded during European early afternoon session.

Meanwhile, USD/CAD pair recorded a session high at 1.0368 during early American trade, after which consolidated at 1.0341. The pair slightly retreated by 0.01% for the day.

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