Another 2.98M initial jobless claims over the last week
That is, the labour market is not shrinking as fast as it often writes about it, adding up the number of initial claims in 8 weeks (36.5M). Nevertheless, unemployment still rising despite the beginning of the easting of some restrictions in the USA.
Separately, it is worth recalling that Fed member Kaplan expects US unemployment to increase to 20% in the coming months (vs 14.7% now) and a decline to only 8% -10% by the end of the year. The Fed Chairman Powell noted that 40% of people with yearly income below $40K (relatively low) has no job now.
The FxPro Analyst Team