Initial jobless claims remains steady; US Natural Gas storage 64B

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Source: Dukascopy Bank SA
"The U.S. economy is doing fine. It's difficult to go down further in jobless claims. We may have reached the bottom". 
-Standard Chartered Bank 

The number of Americans filing unemployment benefits remains unchanged compared to the previous week, demonstrating the lowest level since April, giving a hint that labour market started to recover amid a shaky global economy. According to the Labour Department, initial claims for state unemployment benefits were unchanged at a seasonally adjusted 254,000 for the week ended July 9. Also, following tendency left claims close to a 43-year low of 248,000 touched in mid-April. Economists, in turn, had expected jobless claims to reach 265,000 from the 268,000 originally reported for the June. Taking into consideration week-to-week volatility, the four-week moving average slipped to 259,000 compared to the last week's average of 264,750. 

In the meantime, according to the Energy Information Agency, the natural gas storage advanced more-than-expected in June. Natural gas stocks went up by 64 billion cubic feet for the week ending July 8. Analysts, in turn, were expecting a storage addition in a range of 55 billion to 65 billion cubic feet. Meanwhile, the five-year average for the week is an injection of around 77 billion cubic feet.

© Dukascopy Bank SA
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