U.S Jobless Claims Unexpectedly Rise above Estimates

U.S jobless claims in the week ending February 13 totaled 861,000, an increase of 13,000 from the previous week level, according to the Department of Labor press release. The figures were higher than expected 773,000 while the continuing claims fell by 64,000.

• First-time filings for unemployment insurance surged last week revealing signs of continuing strains in the labor market.
• The total of those receiving benefits fell by 1.3 million to 18.34 million mainly due to a falloff in those on Covid-19 pandemic-related claims. 
• The adjusted advance number of actual claims under state programs fell by 5,702 to 862,351 in the week ending February 13.

U.S stocks and the dollar are currently declining. SPY is down 0.71% on premarket, QQQ is down 1.13% on premarket, EURUSD is up 0.36%