BREAKING: US Jobless Claims above 2.9 Million

2:38 PM May 14, 2020

2.981 million Americans have filed unemployment claims during the week ended May 9th. Today’s reading came in above analysts’ expectations of 2.5 million. It is the lowest rise in initial claims in 8 weeks, and compared to a record of 6.867 million in the week ended March 28th. The number of unemployed since the coronavirus pandemic started in mid-March reached about 36 million, nearly a quarter of the working age population. The total number far surpassed all of the jobs created since mid-2009. Last week 3.169 million US  citizens applied for unemployment benefits, compared to a revised 3.846 million in the prior week and market expectations of 3 million.
Continuing claims 22833K below expectations of  25120K. Prior week revised to 22377K versus 22647K estimate while 4 week moving average of continuing claims 19760K versus 17030.25K last week. One need to remember that continuing claims figures excludes several groups, including workers not eligible for unemployment insurance and workers who have exhausted their benefits.
EURUSD is trading  lower  after publication of today’s jobless claims report. The most popular currency pair might be heading towards 1.0777 support level. Source: xStation5


The content of this report has been created by X-Trade Brokers Dom Maklerski S.A., with its registered office in Warsaw, at Ogrodowa 58, 00-876 Warsaw, Poland, (KRS number 0000217580) and supervised by Polish Supervision Authority ( No. DDM-M-4021-57-1/2005). This material is a marketing communication within the meaning of Art. 24 (3) of Directive 2014/65/EU of the European Parliament and of the Council of 15 May 2014 on markets in financial instruments and amending Directive 2002/92/EC and Directive 2011/61/EU (MiFID II). Marketing communication is not an investment recommendation or information recommending or suggesting an investment strategy within the meaning of Regulation (EU) No 596/2014 of the European Parliament and of the Council of 16 April 2014 on market abuse (market abuse regulation) and repealing Directive 2003/6/EC of the European Parliament and of the Council and Commission Directives 2003/124/EC, 2003/125/EC and 2004/72/EC and Commission Delegated Regulation (EU) 2016/958 of 9 March 2016 supplementing Regulation (EU) No 596/2014 of the European Parliament and of the Council with regard to regulatory technical standards for the technical arrangements for objective presentation of investment recommendations or other information recommending or suggesting an investment strategy and for disclosure of particular interests or indications of conflicts of interest or any other advice, including in the area of investment advisory, within the meaning of the Trading in Financial Instruments Act of 29 July 2005 (i.e. Journal of Laws 2019, item 875, as amended). The marketing communication is prepared with the highest diligence, objectivity, presents the facts known to the author on the date of preparation and is devoid of any evaluation elements. The marketing communication is prepared without considering the client’s needs, his individual financial situation and does not present any investment strategy in any way. The marketing communication does not constitute an offer of sale, offering, subscription, invitation to purchase, advertisement or promotion of any financial instruments. X-Trade Brokers Dom Maklerski S.A. is not liable for any client’s actions or omissions, in particular for the acquisition or disposal of financial instruments, undertaken on the basis of the information contained in this marketing communication. In the event that the marketing communication contains any information about any results regarding the financial instruments indicated therein, these do not constitute any guarantee or forecast regarding the future results.