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US jobless benefits rose 5.25m last week, dollar snaps gains

US jobless benefits rose 5.25m last week, dollar snaps gains

Initial jobless claims climbed by another 5.25 million in the week ended April 4, coming below forecasts of 5.24 million. The previous week’s reading was revised up to 6.61 million from 6.6 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.

Now, the total jobless benefits for last month is nearly 22 million, noting that the highest number over a four-week period was in 1992 when 2.7 million sought support.

Other reports released today showed that U.S. building permits came in at 1.35 million in March, compared to a revised of 1.45 million in February, while Philly Fed Manufacturing Index for April registered -56.6, exceeding forecasts of -30.0.  

As of 12:47 GMT, the dollar index snapped most of its earlier gains to trade at 99.72 after touching a peak of 100.06 earlier in the session.

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