Despite recent calls of an American economy in sharp decline, employment data from the past few weeks has surprised many with bullishness. July's ADP and NFP employment reports , released last week, both showed drastic increases in job creation, with ADP's private sector data showing 14 consecutive months of growth. Today's weekly unemployment claims figure seems to be continuing this trend with only 395,000 people filing for unemployment benefits, beating forecasts by approximately 10,000 claims.
The release of the US Unemployment Claims report does not tend to generate much interest to longer-term traders given its weekly frequency and murky correlation to currency strength. But the overall trend of job creation in the US these past few weeks has transformed these reports into a beacon of hope among market analysts who see nothing but bears approaching.
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