Initial Unemployment Benefit Claims Unexpectedly Jump to Highs Since August

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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.

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