BREAKING: Jobless claims fell below 300K for the first time since the start of the pandemic

The number of Americans filling for unemployment benefits was  0.293million in the week ended October 9, the lowest level since the pandemic hit the US economy in March 2020, compared to 0.326 million reported in the previous week.  Today’s reading came in below market expectations of 0.319 million. 

Continuing claims reading, which lags initial jobless claims data by one week, dropped to  2.593 million from 2.714 a week before, while analysts expected a decrease to 2.675 million. 

Producer Prices in the US increased 8.6% YoY in September from 8.3% in the previous month, slightly below market expectations of 8.7%.

Producer prices for final demand in the US excluding foods and energy increased to 6.8% year-on-year in  September, following a 6.7% gain in August and below market expectations of a 7.1% rise.

EURUSD saw a relatively small reaction to today’s data releases. The most popular currency pair continued to trade around 1.1600 level. Source: xStation5