The U.S. Department of Labor reported that Initial claims for unemployment benefits increased by 181,000 in the week ended January 9 to 965,000, level highest since mid-Aughundred. The data was well above the 789,000 of the market consensus.
The Continued jobless claims rose by 199,000 in the week ending January 2 to 5,271,000. The data was surprising as a drop to 5.06 million was expected. It is the highest reading in four weeks.
He dollar remained unchanged after the report. Now the focus shifts to Jerome Powell and President-elect Biden’s speech on his economic proposal.