According to the latest report from the US Department of Labor, the number of Americans who filed for unemployment benefits for the first time in the past came in higher-than-expected.
In the past week, 861,000 people became jobless, topping the 775,000 expected. The high figures are raising the possibility of a second consecutive month of a tepid job growth regardless of the decline in COVID-19 infections. The highest numbers came from California, Illinois, and Ohio.
People are now waiting for the $1.9 trillion stimulus package long-touted by the current president, Joe Biden. At the end of January, 18.3 million people were getting unemployment checks, but the government-funded benefits will expire mid-March.
Following the news, stocks on Wall Street traded lower, with USA30 and USA500 losing 0.38% and 0.44%, respectively.
Read more about how the markets reacted here!
Sources: forexfactory.com, reuters.com