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US jobless claims rise above 1m once again

US jobless claims rise above 1m once again

The weekly jobless claims report showed a rise once again above the 1 million last week, coming above analysts’ projections, raising concerns that the U.S. recovery is losing momentum.  

The initial jobless claims came in at 1.1 million last week, clawing back above the 1-million-mark once again.

A week before, the jobless benefits were 971,000, while analysts had estimated a decline in benefits to 930,000.

The continuing claims, however, slipped from 15.486 million from 14.844 million.

Meanwhile, Americans are hoping that the U.S. Congress would agree on the terms of the new fiscal stimulus that targets aiding Americans financially affected by the pandemic.

As of 13:20 GMT, the US dollar index continued to trade higher for a second straight session at 93.18, following overnight gains after dovish comments from the Fed minutes.

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