Millions more thicken the unemployment line

Millions more thicken the unemployment line

The weekly jobless claims report shows another 3 million unemployed people, adding to a total of 33 million since pandemic started

Today's report showed that more than 3.1 million people filed for unemployment claims last week. Still, it is lower than the 3.8 million from two weeks ago, and the 6.8 million in late March when the country entered the lockdown.

In almost two months, approximately 33 million Americans claimed unemployment benefits, and the monthly jobless rate heads to absolute negative records. The overall unemployment number surpasses the number of jobs created since the Great Recession.

Analysts are expecting the unemployment rate to be close to 20%, with significant declines over several industries, especially those in which remote work is not an option. The highest number of claims comes from California once again, with approximately 318,000 jobless individuals.

Analysts think that from now on, the trend should be decreasing.

The market stopped being impressed by the numbers and opened higher than expected: USA30 added more than 1%, while USA500 and TECH100 gained 1.3% each.

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Sources: forexfactory.com, cnbc.com, reuters.com

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