According to the weekly statistics that were released by the United States Department of Labor (DOL) on Thursday, there were around 228,000 initial unemployment claims filed in the week that ended on April 1. This report came in lower than the market expectation of 200,000 and followed the previous week’s estimate of 246,000 (which was corrected from 191,000).
In the wake of the new macroeconomic data, U.S. stocks showed signs of weakness on Thursday as the stronger-than-expected jobless claims added to fears of an upcoming recession. At the time of writing, the Dow Jones Industrial Average fell 136 points or 0.4%, while the S&P 500 and the NASDAQ Composite fell by 0.5% and 0.7% respectively.
On the other hand, the cryptocurrency market also witnessed a marginal decline. As things stand, the price of Bitcoin is currently exchanging hands at $27,922 which represents a drop of 0.84% in the past 24 hours as opposed to a loss of 1.76% recorded over the past seven days.
(By Pratik Bhuyan)
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