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US jobless benefits climb to 6.6 million

US jobless benefits climb to 6.6 million

Initial jobless claims climbed to a record high of 6.6 million in the week ended March 28, beating forecasts of 3.6 million. The previous week’s reading was revised up to 3.3 million.

Before the outbreak of the coronavirus, the prior record was below 700,000 for any week, which reflects the extent of damage on the labor market.

The continuing claims to 3.03 million people.

For sure the unemployment rate would climb in March, where analysts predict a soar to 3.8 percent from 3.5 percent in February.

The NFP report due tomorrow may also signal \job cut of 100,000 last month after a job creation pace of 273,000 a month earlier.

As of 12:50 GMT, the dollar index continued to trade higher at 99.89, compared to the session’s open at 99.58.

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