August 21, 2020 at 10:48AM

The number of initial jobless claims in the USA unexpectedly increased last week to above 1.1M. On average, analysts expected this number to fall to 0.93M from 0.97M a week earlier.

Elsewhere, the number of continued claims has declined to 14.84M from 15.84M a week before. Here we can see a further decline in unemployment. However, the data has a week-long lag, so this corresponds to the week when there was a sharp drop in initial claims.

It is worth noting that the general trend of unemployment decline remains, which, however, is too slow not to cause concerns amid investors. An alarming factor is the end of the program of additional payments to the unemployed. Without them, the income of Americans promises to decrease significantly in August.

The FxPro Analyst Team

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From: The FxPro Analyst Team
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