2024-03-28 12:33:00
Investing.com – Important US economic data has now been released that will give an overview of the…
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The United States’ gross domestic product witnessed a slowdown in the fourth quarter compared to the third quarter of 2023, as it recorded a growth of 3.4% during the last quarter of 2023 in the final reading, as revised data revealed on Thursday. This number was higher than the increase announced in the second reading issued last month, which recorded 3.2%, but less than the increase achieved by the economy in the third quarter of 2023, when it witnessed growth of 4.9%.
This indicates that the US economic growth reading in the fourth quarter was revised upward by 0.2% compared to the previous estimate of 3.2%.
Meanwhile, the number of Americans filing initial claims for unemployment benefits declined last week, according to recently released data.
Last week, it recorded 210,000 applications, according to data from the US Department of Labor. While experts expected a registration of 212 thousand. As for the reading for the week before last, it recorded 212 thousand requests after being adjusted.
Thus, it recorded 211,000 requests in 4 weeks, after 211.75,000 requests were recorded in the previous reading after it was modified.
The weekly unemployment index provides very temporary data, quantifies the amount of individuals claiming unemployment insurance for the first time during the past week and traders view unemployment as an indicator that gives a simple indication of the future performance of the economy. A downward trend has a positive impact on a country’s currency, as workers tend to spend more money.
During these moments of today’s trading, the prices of spot and futures contracts for gold rise above the level of $2,200 per ounce, while the dollar also records a daily increase and moves above 104 points.
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Gold and dollar now
It is now rising 0.72% to $2,228 an ounce.
While it rose by 0.6% to the level of $2208 per ounce.
On the other hand, it rises by about 0.21% to 104,280 points.
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