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Nearly 3M Americans filed for jobless benefits

Nearly 3M Americans filed for jobless benefits

The United States announced today its weekly jobless claims data that continued to reflect the negative impact of the coronavirus outbreak on the labor market, as unemployment benefit applications rose more than expected last week.

Initial jobless claims for the past week increased by 2.981 million, compared to forecasts of a rise of 2.5 million, while the previous reading was revised to 3.176 million. Now, the jobless benefits over the past eight weeks are near 36 million.

The pandemic has led to an unprecedented rise in the number of Americans seeking government assistance. Applications for assistance have already surpassed those peaked at 665,000 during the recession between 2007 and 2009, when 8.7 million jobs were lost.

From a positive perspective, the jobless claims showed a sixth consecutive week of declining claims.

The continued claims reached 22.833 million, according to the Labor Department.

Meanwhile, the dollar index, which measures the performance of six major currencies against the US dollar, traded higher at 100.55.

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