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US jobless claims fall below 1m for the first time since March

US jobless claims fall below 1m for the first time since March

The weekly jobless claims report showed a retreat last week, coming below analysts’ projections, as the ease of lockdown measures helped the job market to start recovery.

The initial jobless claims came in at 963,000 in the week through August 8, falling beneath the 1 million mark for the first time since Covid-19 lockdown.

A week before, the jobless benefits were 1.19 million, while analysts had estimated a decline in benefits to 1.12 million.

Also, the continuing claims slipped to 15.486 million from 16.09 million, compared to forecasts of 15.8 million, suggesting that US labor market has continued to recover despite the rise in coronavirus cases.

As of 12:45 GMT, the US dollar index continued to trade lower at 93.06, set for its second consecutive daily decline.

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