U.S. Labor Market Direction More Concerned!

 The Department of Labor reported today that the number of Americans who filed new claims for unemployment benefits last week has decreased. These data indicate that the U.S. labor market is making progress with millions of U.S. citizens returning to work.

The initial claim for unemployment benefits for the week ending October 3 is 840,000. A slightly higher number than economists expect to target applications is just 820,000 applications.

Based on the trend of the past few weeks, it can be concluded that the number of claims has stopped from reaching the figure of 1 Million.

On the other hand, the profits made in the labor market from reopening the business have faded. Employment reports last Friday showed the number of jobs created was the smallest since the labor market began to recover in May.

To date, half of the 22.2 million people who lost their jobs due to the effects of Covid-19 are still unemployed. Economists predict that recruitment will grow slowly throughout 2020 until 2021.

The US dollar index, which measures the greenback dollar against six major currencies, shows strengthening to 93.743 as of 09.25 p.m. following this report was released.