Higher-than-expected US Unemployment Claims

By: Miguel A. Rodriguez

16:55, 19 November 2020

The numbers of unemployment claims surge amid rising COVID-19 cases

After last week’s promising number of unemployment claims which hinted at economic recovery, the latest report from the US Department of Labor showed higher-than-expected figures.

The number of people filing for the first time for unemployment benefits picked up, figures coming in at 742,000. The actual result topped the market’s expectations of 707,000. It is the first time in five weeks when the claims arose.

Louisiana added the most – almost 33,000 claims at a state level, while Illinois posted the most significant decrease – more than 20,000. Nationally speaking, 20.3 million Americans are still under unemployment benefits, despite efforts and programs designed to help people during the pandemic,

Given the latest surge in the number of COVID-19 infections and the lockdowns imposed in various states, the concerns about stillness in a steady economic rebound are rising.

The American benchmarks, USA30, USA500, and TECH100 could be affected by these new announcements.

Sources: forexfactory.com, finance.yahoo.com, cnbc.com

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