The US economic recovery seems to continue to stall, according to the latest figures from the US Department of Labor.
Per the report, in the past week, the number of Americans who filed for unemployment benefits for the first time increased to 898,000. The figures came in higher than both last week and what the market expected: 845,000 and 810,000 respectively.
This week’s total is the highest number since August 22.
The grim figures came shortly after the US Treasury Secretary Steven Mnuchin destroyed investor hopes for a new stimulus package before the presidential elections.
Following the news, USA30 and USA500 lost 1.1% each in pre-market trading. TECH100 dropped 1.5%.
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Sources: forexfactory.com, cnbc.com