It was hoped that for the second week running, the number of people filing for unemployment benefits in the US would be below the all-important million mark. However 1.1 million filed for benefits and this is hardly a major win for President Trump in the run-up to the US election in November. There was at least a sense that the employment market was healing but this print emphasises the glacially slow pace. This level of unemployment is still almost five times what it was at the start of the year. Expect markets to react a little negatively on the back of this.