The US initial filings for unemployment reached a new low last week
The US Department of Labor released its weekly report on jobless claims, and the figures came in not as expected. Last week, 376,000 people filed for unemployment for the first time, topping the 370,000 forecasted. Despite surpassing the market consensus, the latest figures marked the sixth straight week when they fell to a new pandemic-era low.
However, the pent-up demand set in motion by the resumption of business operations is straining the supply chain and fans inflation pressures. Still, more than half of the States adult population has been vaccinated, allowing a broader economic re-engagement.
In a separate report, the Department of Labor revealed that the consumer price index increased 0.6% last month after a 0.8% posted in April – the most significant gain since June 2009.
Sources: forexfactory.com, investing.com
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