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US Unemployment Claims Fall, After Increasing for 2 Weeks
Unemployment claims surged in the US during March and April, when most businesses closed during the pandemic. The number of unemployed US citizens shoot higher above 40 million at some point, while the unemployment rate increased to 20% unofficially. It started coming down after the reopening in May, but in the previous two weeks jobless claims increased again. Today’s report though is showing a decline, which is a positive thing for the USD at this difficult moment.
Weekly claims for jobless benefits
- Initial jobless claims 712K vs 775K expected
- Prior claims was 778K (revised to 787K)
- Continuing claims 5,520K vs 5,800K expected
- Prior continuing claims 6,071K
- The total number of people claiming benefits in all programs for the week ending November 14 was 20,163,477, a decrease of 349,633 from the previous week. There were 1,573,485 persons claiming benefits in all programs in the comparable week in 2019.
- PUA claimants 8,869,502 vs 9,147,753 prior
There is some improvement in the numbers across the board but these numbers are still staggering relative to pre-pandemic. The USD hasn’t taken advantage of these numbers since they are still quite high compared to normal times, but they ar heading in the right direction at least.
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