Higher-than-expected US Unemployment Claims

August 25, 2020

The Congress couldn’t reach a consensus regarding the new stimulus package

An economic recovery is not in sight for the US, as the latest report from the Department of Labor showed earlier today.

Last week, 1.106 million filed for the first time for unemployment benefits. The figures that came in exceeded the 930,000 forecasted. At the moment, it’s been four weeks since people stopped receiving the $600/ week benefit.

Specialists believe that this spike probably represents a pause in the number of people returning to work after the second wave of COVID-19 infections.

The market reacted accordingly and USA500 lost 0.5%, while USA30 traded 0.4% lower. TECH100 fell 0.5%.

Sources: marketwatch.com, forexfactory.com

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