Unemployment Claims hit a five-month high

Unemployment Claims hit a five-month high

Initial jobless claims reached the highest level since August

New week, new figures from the US Department of Labor.

According to the latest unemployment report, 965,000 people lost their jobs in the past week. The figures came in significantly higher than the 785,000 forecasted. The number shows the slowdown in hiring due to the pandemic restrictions imposed after a new strain was discovered. This is the highest reading reported since August 2020.

Despite the reading, markets slightly reacted to the news, focusing on the more than $1 trillion stimulus package rumored to be released once Joe Biden is sworn in.

According to CNBC, USA500, USA30, and TECH100 movements indicate an opening gain.

Sources: forexfactory.com, cnbc.com

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