U.S jobless claims for the week ending February 6 counted 793,000, a decrease of 19,000 from the previous week’s level, according to the Department of Labor press release. The jobless claims were higher than expected 760,000.
- Pandemic Unemployment Assistance, a program for self-employed and gig workers, rose by 1.5 million to 8.7 million in the week ended January 23.
- Continuing claims fell by 145,000 to more than 4.5 million in the week ended January 30.
- More than 10 million Americans remain unemployed.
- Labor market recovery remains a challenge, but job growth is expected to improve as Covid cases decline, businesses reopen, and vaccinations accelerate.
- Florida, New York, and Maryland posted the largest declines in initial claims in state programs.
- Initial claims in Ohio surged by more than 90,000, while filings in California increased by more than 23,500.
U.S stocks are currently gaining as the dollar declines. SPY is up 0.19%, QQQ is up 0.38%, EURUSD is up 0.17%