Strong US macro data: jobless claims lower than expected, Philly Fed rises
US Jobless Claims
- Initial jobless claims: 207K (expected: 213K; previous: 218K)
- Continuing jobless claims: 1,818K (expected: 1,810K; previous: 1,787K)
- Philadelphia Fed Manufacturing Index (April): 26.7 (expected: 10.3; previous: 18.1)
US jobless claims are sending very mixed signals. Initial claims came in clearly below expectations, indicating short-term strength in the labor market. However, continuing claims increased again — and above forecasts. This suggests that the market may be focusing primarily on the short-term resilience of the labor market, maintaining optimism while overlooking a gradual, structural deterioration. These data points are likely to be difficult to interpret for both the Federal Reserve and investors. At the same time, the Philadelphia Fed Manufacturing Index surprised to the upside. The past few months appear to show a slow but steady improvement in the manufacturing sector. Market reaction remains limited. EURUSD (M1)
Source: xStation5
