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US jobless claims rise for first time since March

Thursday, July 23, 2020

US jobless claims for the week ending 18 July came in at 1.4 million – a higher amount compared to the previous week and importantly the first increase the US has seen since March. The impressive fall in unemployment through April and May now appears to have stalled and this should be no major surprise as the Covid-19 pandemic continues to ravage across the US. With states halting reopening plans it seems that these numbers will continue to contrast President Trump’s more bullish view on the economy. Weekly jobless benefit payments of USD 600 under the Coronavirus Aid, Relief, and Economic Security (CARES) Act expire next week and an extension of sorts is expected to help keep the economy from cratering. 

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