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US jobless claims rise to five-month high

US jobless claims rise to five-month high

Initial claims for unemployment benefits rose in the United States last week to its highest level in five months, in light of the continuation of closure measures in all American states to confront the Corona pandemic. 

Initial jobless claims recorded an increase of 965,000 during the week ended January 9, while expectations were at 785,000. The previous reading was revised to 784,000 from a preliminary of 787,000. 

Continuing unemployment benefits rose by 200,000 to reach 5.27 million from a previous of 5.07 million and expectations were at 5.06 million. 

Claims for unemployment benefits have witnessed a significant increase in recent weeks, with continued weakness in economic conditions and the provision of jobs in light of the negative effects of the Corona pandemic. 

Other reports issued by the Federal Reserve Bank showed job cuts in the entertainment and hospitality sectors due to more stringent measures in the US states, and the central bank also indicated that the resurgence of the coronavirus has caused staff shortages in the manufacturing, construction and transportation sectors. 

The virus has infected more than 22.5 million people in the United States and killed more than 376,188, the largest number of any other country. 

As for the levels of the US dollar, it rose against a basket of six major currencies for the second day in a row, according to the dollar index, to record its highest level today at 90.56 after opening today's trading at the level of 90.27. 


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