Initial filings for unemployment totaled less than expected in the past week
For the week ended January 29, 238,000 people filed for the first time for unemployment benefits. The figures came in lower than the 245,000 expected. This report closes a difficult January in which millions of Americans lost their jobs because of Covid’s impact. However, analysts are optimistic that the cases sharply declined in the past two weeks.
The Census Bureau data revealed that more than 8.7 million workers missed time in late January into February due to Covid-related issues.
The unemployment claims came in a day before the non-farm payrolls report, which is expected to show a gain of 145,000 new jobs.
Sources: cnbc.com, forexfactory.com