Article Hero

Unexpected rise of the US unemployment claims

1613739554.png
Miguel A. Rodriguez
Miguel A. Rodriguez
22 Februar 2021
A labor market recovery questioned amid the high number of jobless claims

According to the latest report from the US Department of Labor, the number of Americans who filed for unemployment benefits for the first time in the past came in higher-than-expected.

In the past week, 861,000 people became jobless, topping the 775,000 expected. The high figures are raising the possibility of a second consecutive month of a tepid job growth regardless of the decline in COVID-19 infections. The highest numbers came from California, Illinois, and Ohio.

People are now waiting for the $1.9 trillion stimulus package long-touted by the current president, Joe Biden. At the end of January, 18.3 million people were getting unemployment checks, but the government-funded benefits will expire mid-March.

Following the news, stocks on Wall Street traded lower, with USA30 and USA500 losing 0.38% and 0.44%, respectively.

Read more about how the markets reacted here!

Sources: forexfactory.com, reuters.com

disclaimers_articles

article_share_title

article_rating_title

awful
ok
great
awesome

read_more

Miguel A. Rodriguez
Miguel A. Rodriguez
financial_writer

Miguel worked for major financial institutions such as Banco Santander, and Banco Central-Hispano. He is a published author of currency trading books.