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New pandemic-era low for jobless claims

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Miguel A. Rodriguez
Miguel A. Rodriguez
19 August 2021
First time filings for unemployment were a surprise for the markets

According to data from the US Department of Labor, 348,000 people filed for unemployment insurance last week, reaching a new pandemic-era low. The last time claims came in so low was March 14, 2020, just before the COVID-19 pandemic hit causing the economy to spiral into the deepest but briefest recession on record. For last week, markets were looking for 362,000 filings.

The latest unemployment figures reported a decline of 29,000 filings from the previous week.

Claims have been coming in lower, as employers are hanging on to their workers amid labor shortage as vaccinations allow the economy to reopen. More than half of the population has been fully immunized against coronavirus.

Even though the Delta COVID-19 variant is spreading fast, analysts do not expect large-scale business shutdowns.

Despite the promising figures, the American indices retreated as the markets expect the Federal Reserve to start asset tapering this year. USA500 and TECH100 lost 0.7% and 0.6%, respectively. USA30 shed 0.9%.

 

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

This information/research prepared by Miguel A. Rodriguez does not take into account the specific investment objectives, financial situation, or particular needs of any particular person. The research analyst primarily responsible for the content of this research report, in part or in whole, certifies that the views about the companies and their securities expressed in this report accurately reflect his/her personal views and consequently any person acting on it does so entirely at their own risk.The research provided does not constitute the views of KW Investments Ltd nor is it an invitation to invest with KW Investments Ltd. The research analyst also certifies that no part of his/her compensation was, is, or will be, directly, or indirectly, related to specific recommendations or views expressed in this report.The research analyst in not employed by KW Investments Ltd. You are encouraged to seek advice from an independent financial adviser regarding the suitability of the investment, under a separate engagement, as you deem fit that conforms to your specific investment objectives, financial situation, or particular financial needs before making a commitment to invest. The laws of the Republic of Seychelles shall govern any claim relating to or arising from the contents of the information/ research provided. 

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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.