US Jobless Claims: Another devastating report

The US has reported another multi-million jobless claims statistic, yet below the previous week. The US dollar remains the ‘cleanest shirt in the dirty pile’, FXStreet’s analyst Yohay Elam reports.

Key quotes

“The US reported an increase of 5.245 million. After suffering over 6.6 million first-time applications in the previous week, thus showing some moderation in these initial claims.”

“Continuing Claims have reached 11.976 million. These are people that are not applying for the first time but continue asking for benefits.”

“The main beneficiary is the US dollar, the safe-haven of choice. While other countries may experience a more moderate decrease in employment, they also depend on the power of the US consumer. Fewer jobs mean lower consumption and collateral damage to the rest of the world.”