Forex News

US cumulative jobless claims surpass 16m, Fed announces stimulus

US cumulative jobless claims surpass 16m, Fed announces stimulus

Once again, the U.S. jobless benefits hit another record high, bringing the cumulative claims over the past four weeks above 16 million, prompting the Federal Reserve to announce new stimulus measures.

Unemployment benefits in the US economy increased, according to data released today, to record an increase of about 6.6 million, at a time when most analysts' expectations in the markets went to record only 5 million, while the previous reading of the subsidies was at the level of 6,648 thousand applications.

It should be noted that the sharp increase recorded by the US unemployment benefit was the third increase since the beginning of the intensification of the crisis in the United States.

Moreover, United States continues its plan to maintain closures and social estrangement in an attempt to reduce the spread of the Corona virus among its citizens.

But this is what could not be controlled now, amid a continuous increase in the total number of injured people there, until it reached about 435,160 confirmed cases.

At the same time, the number of deaths among American citizens has increased, according to its latest amendment today, 14,797 deaths, an increase of 9 people today.

The US dollar index, which measures the performance of the dollar against a basket of six major currencies today, fell to 99,800 points, after it opened its session at 100,185 points.

Fed announces stimulus

After the release of the shocking U.S. jobless benefits data, the Fed announced a new stimulus worth $2.3 trillion aimed at supporting small businesses and municipalities.   

“Our country’s highest priority must be to address this public health crisis, providing care for the ill and limiting the further spread of the virus,” Fed Chairman Jerome Powell said.

“The Fed’s role is to provide as much relief and stability as we can during this period of constrained economic activity, and our actions today will help ensure that the eventual recovery is as vigorous as possible,” he added. 

Share Article