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Unemployment claims up by 1.5 million last week, despite jobs gains in May

EURUSD News by Newsroom on 10:48 June 11, 2020 EST


The numbers indicate that some Americans are still being pushed out of work nearly three months into the pandemic.

Workers filed another 1.5 million claims for jobless benefits last week, the Labor Department reported, suggesting that Americans are still being pushed out of work nearly three months into the Covid pandemic.

Additionally, nearly 706,000 people applied for benefits under the new temporary Pandemic Unemployment Assistance program created for people who are ineligible for traditional unemployment benefits. With those workers added, the number of new claims filed last week could be higher than 2.5 million, despite every state relaxing restrictions and allowing businesses to reopen in recent weeks.

The latest figure indicates that the recession has forced roughly 44 million workers to seek unemployment aid in just 12 weeks although that number likely includes duplicate applications, as some states have instructed workers to reapply if they were first found ineligible, and doesn’t include those seeking PUA benefits.

The US dollar index (DXY) is surging today following a relatively dovish interest rate decision by the Federal Reserve. The index is up by 0.40% and is trading at $96.33. The dollar is up against all currencies that make up the index except the Swiss franc and Japanese yen. The two have gained by 0.21% and 0.30% respectively.Stocks are substantially lower on Thursday with indices losing around 3%.




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