U.S Jobless Claims hits 965,000, the Highest Weekly Level since August

U.S. first-time jobless claims for the week ending January 9 rose to 965,000, more than expected 800,000, according to the Department of Labor press release. The weekly total was higher than the previous week’s 784,000 amid slowdowns in hiring due to pandemic restrictions.

• Continuing claims rose 199,000 to 5.27 million, the first time increase since late November.
• The total number of those receiving government benefits fell to 18.4 million from 19.2 million in the previous week.
• Illinois, where Chicago has clamped down on restaurants, led the jobless claims with a jump of 51,280, while California added 20,587 claims, and New York 15,559
• States with relatively loose restrictions also had noticeable gains, with Florida more than doubling its claims to 50,747 while Texas added 14,282

U.S stocks and the dollar are currently gaining. SPY is up 0.32%, QQQ is up 0.28%, EURUSD is down 0.32%