The US weekly jobless claims dropped below the key 400,000 mark, signaling a modest labor market recovery amid the COVID-19 pandemic.
- The seasonally adjusted jobless claims was 385,000, 14,000 lower than the prior week’s level revised downwards by 1,000 to 399,000.
- Initial claims for state unemployment benefits dropped 14,000 to seasonally adjusted 385,000 for the week ended July 31.
- Nearly 50% of the US population has been fully vaccinated against COVID-19, allowing people to travel, frequent hotels and casinos as well as attending sporting events that were curbed during the pandemic.
But COVID-19 Infections are increasing, supported by the new Delta variant, which could slow the labor market recovery. There were 9.2 million job openings at the end of May. Close to 9.5 million people are officially unemployed.
DXY down -0.03%, EUR USD up +0.01% Source: US Department of Labor