U.S. Initial Claims Edged Down to 370k Last Week – May 24th

Today, May 24th, the U.S. jobless claims weekly update was published; according to the recent weekly update, the number of initial claims didn’t change much for the week ending on May 19th; the total initial claims declined by 2k and settled at a revised figure of 370,000 claims (seasonally adjusted data), which isn’t different from last week’s published figure; the four week average decreased to 370,000; the insured unemployment rate also remained unchanged at 2.6% for the week ending on May 12th;  the number of insured unemployment reached 3,260 thousand, a decrease of 29,000 compared with the previous week’s numbers. Finally, the four week average declined by 17,250 to 3,271 thousand.

This news doesn’t change much the current status in the U.S and doesn’t look well for the development in the U.S. jobless claims.

Furthermore, this report might curb the recent rally of the U.S dollar and consequently may positively affect commodities prices.

Currently the U.S. dollar is appreciating against many major currencies.

Euros to USD is at 1.2529 as of 20:37*.

British Pound to U.S. dollar is traded at 1.5664 a 0.18% decrease as of 20:38*.

Current gold price (June 2012 delivery) is traded at $1,558 per t oz. a $9.9 increase as of 20:38*.

(* GMT)

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