US Unemployment Claims: the lowest reading since March

US Unemployment Claims: the lowest reading since March

Better-than-expected US unemployment claims

Today, the US Department of Labor met investors’ expectations after the number of unemployment claims went live.

The number of people who applied for initial unemployment benefits came in lower than forecasted. In the past week, 787,000 Americans have lost their jobs due to the pandemic. On the bright side, this was the lowest reading since the beginning of the pandemic in March.

According to the numbers, the unemployment rate will drop 0.7% to 5.7%.

The report came is as talks about the new stimulus package will either continue or be postponed to a future date, after the November 3 presidential elections.

Despite the promising figures, the American benchmarks – USA30 and USA500 – will open lower, between -0.22% and -0.34%.

Sources: forexfactory.com, investing.com, cnbc.com

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