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Surprising rise in unemployment claims

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Miguel A. Rodriguez
Miguel A. Rodriguez
17 June 2021
After a few weeks when the number continuously reached post-pandemic lows, the jobless claims jumped unexpectedly last week

According to the Department of Labor’s latest report, in the past week, 412,000 people filed for the first time for unemployment benefits. It marks the highest number since May 15. The market was looking for 360,000 filings.

The increase in unemployment claims comes following a series of steps taken towards normalcy in the payrolls picture. However, employment had improved as vaccination progressed, and cases, hospitalizations and deaths have fallen considerably.

Jerome Powell, Chairman of Federal Reserve: “factors related to the pandemic, such as caregiving needs, ongoing fears of the virus, and unemployment insurance payments appear to be weighing on employment growth.” Nevertheless, a record of 9.3 million jobs is available and waiting to be filled.

Sources: cnbc.com, forexfactory.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.