The latest data from the US Department of Labor showed that in the past week, 1.48 million filed for the first time for unemployment benefits. This is the fourteenth consecutive week when the number exceeds one million. The data came higher than what was expected – 1.32 million. Talking about consistency, this is the second successive week when the jobless claims report was worse than predicted.
Over the past weeks, President Trump marched on the idea of an economic revival as the lockdown measures ease, but the growing number of unemployed people states otherwise. According to specialists, the numbers are anticipating the future of businesses from the employer's point of view because, in the midst of recovery, people are still getting fired.
Moreover, another few million are expected to be laid off.
Markets have been under pressure due to recent events, and snapped at the opening today: USA30 dropped 0.7%, while USA500 slid 0.6%. TECH100 lost 0.1%.
See what happened with the unemployment claims since the pandemic started on CAPEX.com!
Sources: forexfactoy.com, cnbc.com, nbcnews.com
