As the weeks pass by, the number of unemployment claims is rising.
The US unemployment claims continue to increase for the second week straight. According to data from the US Department of Labor, 778,000 people filed for the first time for unemployment benefits in the past week. The numbers came in ahead of the 732,000 expected by the market and significantly higher than the previous 742,000 recorded.
However, the number of continuing claims continued to decrease by 299,000, the figures coming in at 6.07 million.
The news comes during a period of surging COVID-19 infections all across the country, putting pressure on the national health system. On average, 174,225 new cases are confirmed daily, and authorities believe that the upcoming Thanksgiving will send the figures even higher.
On the other hand, the Commerce Department announced that the GDP rebounded 33.1% on an annualized basis in Q3.
Sources: forexfactory.com, cnbc.com