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U.S. Jobless Claims Reach To Three Month High, Consumer Price Index Also Rose Amid Rising Covid Death Toll

On Thursday, weekly U.S. jobs figures added pressure on the U.S. political class by showing a decline in the labor market. Initial jobless claims soared to 853,000 for the week ended December 5, against a consensus of 725,000. Registrations are therefore up significantly by 137,000 compared to 716,000 claims week before. For U.S. jobless claims, this is a nearly three-month high.

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However, the November 2020 consumer price index increased by 0.2% relative to the previous month, compared to a market forecast of 0.1%. In line with consensus, the consumer price index, except food and oil, rose by 0.2 percent compared to the previous month.

The number of cases of Covid-19 in the United States has just increased by 1 million (from 14 million to 15 million) in just 5 days, and since Monday, Southern California has been in lockdown. For the first time in the United States on Wednesday, the death toll surpassed 3,000 in 24 hours. According to Johns Hopkins University, the death toll is now approaching 300,000 fatalities in the United States since the start of the pandemic, at 290,670.

At the time when investors are looking worriedly at the worsening health situation in the United States, the situation across the Atlantic in Europe is also weakened. In Germany, Chancellor Angela Merkel called for new restrictions across Germany before mid-January on Wednesday. An emotional Chancellor told the Chamber of Deputies, “The number of contacts between citizens is too high; the reduction in the number of contacts is inadequate.”

In France, on Thursday evening, Prime Minister Jean Castex declared a more gradual decommissioning than anticipated. A curfew has been imposed from 8 p.m. to 6 a.m. With the exception of Christmas Eve, from 15 December onwards, museums, cinemas and theatres aiming to reopen on 15 December will remain closed for a further three weeks.

Peggy Goldman
Peggy Goldman
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