Better-than-expected US Unemployment Claims

August 14, 2020

The pandemic’s effect starts to impact the labor market

The latest report from the Department of Labor showed figures below the +1 million shown in the past months, drawing a silver line for the US economy.

Last week, 963,000 people filed for unemployment benefits for the first time with the figures coming in better than the 1,120 million expected. According to specialists, this could be a sign of economic recovery from the pandemic.

The release comes after the NFP report, showing that nearly half of the jobs lost during the pandemic have managed to return on the market. Right now, the unemployment rate is 10.1%, with the pre-pandemic rate being 3.5%.

The American benchmarks experienced some volatility, with USA500 lost 0.3%, while USA30 fell 0.4%. TECH100 added 0.3%. In Europe, the pan-continental Europe50 slid 0.6%.

Sources: forexfactory.com, cnbc.com, wsj.com

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