Home / Blog / Category / Market Analysis / Weekly Market Recap – U.S. Labor Market Shows Signs of Weakening as Unemployment Claims Hit 8-Month High
13 May 2024 | FXGT.com

Weekly Market Recap – U.S. Labor Market Shows Signs of Weakening as Unemployment Claims Hit 8-Month High

  • U.S. Stocks Extend Gains: U.S. stock indexes continued their upward trend for the third consecutive week, with the Dow Jones Industrial Average increasing by approximately 2%, the S&P 500 by 1.6%, and the Nasdaq 100 by 1.30%. The index’s recent rally is attributed to renewed expectations of an interest rate cut by the Federal Reserve, encouraged by signs of cooling in the U.S. labour market.
  • US Labor Market Concerns: The U.S. labour market appears to be softening, with new unemployment claims reaching an eight-month high of 231,000, up from 209,000 the previous week. This rise may indicate slowing job growth.
  • Oil Market Stability: Oil futures ended the week relatively unchanged, with West Texas Intermediate (WTI) crude closing at $78.26 a barrel, reflecting a slight increase of 0.2%. The market balanced a significant decrease in U.S. crude inventories against lower geopolitical risks and demand concerns. Focus now shifts to the upcoming OPEC+ meeting on June 1st, where an extension of output cuts is highly anticipated.
  • U.K. Economic Recovery: The U.K. economy showed signs of strong growth, expanding at a 0.6% annual rate in the first quarter of this year, surpassing economists’ expectations. This growth rate is the fastest observed in nearly three years, signalling a rebound from a mild recession in the second half of 2023.
Help us improve this article.
Disclaimer: Any material and information included herein are intended for general marketing purposes only and does not constitute investment advice or recommendation nor an invitation to acquire any financial instrument and/or be involved in any financial transaction. The investor is solely responsible for the risk of his investment decisions and if considers appropriate, he should seek relevant independent professional advice before making any decision. The analyses and comments presented do not include any consideration of your personal investment objectives, financial circumstances or needs. Please read full Non-Independent Investment Research Disclaimer here. Risk Disclosure: CFDs are complex instruments and carry a high level of risk of losing money. Read full Risk Disclosure here .

Blog Search


Blog Categories


Blog Tags

Register and Share Buttons EN


Loved our latest article?

Share it with your friends and followers!

Copied to clipboard
To top

Leveraged products may not be suitable for everyone and may result in loss of all your capital. Please ensure you fully understand the risks involved and whether trading is appropriate for you. Read Full Risk Disclosure here.