The Delta variant takes a toll on the job market
Initial unemployment claims rose again last week, revealing
362,000 filings, as hiring appeared to remain sluggish while the country
continues to fight against the Delta variant, surprising analysts, who were
looking for 333,000 new filings. It is the third consecutive week when new
jobless claims increase.
The jump in claims was caused mainly by the numbers reported
in California – 24,221. Earlier this month, the state implemented a program in
which those cut off from enhanced aid could file for another week of benefits.
In a separate report from the US Commerce Department, the
gross domestic product for the second quarter rose 6.7%. The latest reading was
slightly higher than the 6.6% estimated.
Markets barely reacted to the news, with stock indices pointing
to a higher opening and government bond yields around flat. USA30 is trading 0.10%
higher, while USA500
is up 0.30%.
Sources: cnbc.com, forexfactory.com
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