Forex News

US jobless benefits add another 3.8 million

US jobless benefits add another 3.8 million

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

Initial jobless claims for the past week increased by 3.84 million, compared to forecasts of a rise of 3.5 million, while the previous reading was revised to 4.4 million. Now, the jobless benefits over the past six weeks is near 30 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 fourth consecutive week of declining claims.

Meanwhile, the dollar index, which measures the performance of six major currencies against the US dollar, traded slightly lower at 99.53.

Share Article