The number of Americans filling for unemployment benefits was 1.5 million in the week ended June 13th, after 1.54 million in the previous period, bringing total claims to near 45.7 million since March 21st when the coronavirus pandemic started in the US. Today’s reading came in above market expectations of 1.3 million and showed the lowest level since the coronavirus crisis began. After hitting a record of 6.867 million in the week ending March 28th, the claims have been on a steady decline.
Continuing claims, which lags initial jobless claims data by one week, reach 20.5 million, while analysts expected a drop to 19.8 million. However, some market participants believe the effects of the coronavirus pandemic on the US labor market is not fully captured by the claims reports as neither PUA (Pandemic Unemployment Assistance program) nor PEUC (Pandemic Emergency Unemployment Compensation) are included in the initial claims and continuing claims figures. Also, unemployment numbers may increase when the Paycheck Protection Program, a loan that helps businesses keep their workforce employed will come to an end.
The publication of today's report did not have a significant impact on the most popular currency pair. EURUSD bounced of the 1.1211 support zone. Source: xStation5
