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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The information presented herein is prepared by CAPEX.com and does not intend to constitute Investment Advice. The information herein is provided as a general marketing communication for information purposes only and as such it has not been prepared in accordance with legal requirements designed to promote the independence of investment research, and it is not subject to any prohibition on dealing ahead of the dissemination of investment research.

Users/readers should not rely solely on the information presented herewith and should do their own research/analysis by also reading the actual underlying research. The content herewith is generic and does not take into consideration individual personal circumstances, investment experience or current financial situation.

Therefore, Key Way Investments Ltd shall not accept any responsibility for any losses of traders due to the use and the content of the information presented herein. Past performance is not a reliable indicator of future results.