US Jobless Claims Below 1 Million for 2nd Week

The number of Americans filling for unemployment benefits was 0.884 million in the week ended September 5th, compared to 0.881 million in the previous week, bringing total claims above 58.0 million since March 21st when the coronavirus pandemic started in the US. Today’s reading came in above market expectations of 0.846 million and still remains far above 665,000 filed at the peak of the Great Recession in March 2009.

Continuing claims, which lags initial jobless claims data by one week, reach 13.38 million, while analysts expected a drop to 12.9 million.

This might be a sign that the labour market recovery may take much more time than initially expected.

EURUSD broke above the 1.1850 resistance level price after today's data release and is heading towards 1.1926 resistance level. Source: xStation5

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