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The U.S. labor market remains strong

The U.S. labor market remains strong | 04 August 2023

04 August 2023, USD/JPY

USDJPY trading plan:

The number of Americans filing new claims for unemployment benefits rose slightly last week, while layoffs dropped to an 11-month low in July as labor market conditions remain tight. The labor market has largely weathered 525 basis points in interest rate hikes from the Federal Reserve since March 2022, and likely delivered another month of strong employment gains in July. Despite labor market tightness, the inflation outlook continues to improve. These reports are fanning optimism that the economy could avoid a recession. The Labor Department reported that there were 1.6 job openings for every unemployed person in June, little changed from May.

Investment idea: buy 142.15 and take profit 143.40.

David Johnson
Analyst of «FreshForex» company
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