Breaking: US Initial Jobless Claims rose to 6.648 million, new record high

There were 6,648,000 Initial Claims for unemployment benefits in the US during the week ending March 28, the data published by the US Department of Labor (DOL) revealed on Thursday. This reading followed last week's print of 3,307,000 (revised from 3,283,000) and came in much worse than the market expectation of 3,500,000.

"The 4-week moving average was 2,612,000, an increase of 1,607,750 from the previous week's revised average. The previous week's average was revised up by 6,000 from 998,250 to 1,004,250," the DOL noted in its publication.

Additional takeaways

"The advance number for seasonally adjusted insured unemployment during the week ending March 21 was 3,029,000, an increase of 1,245,000 from the previous week's revised level."

"This is the highest level for insured unemployment since July 6, 2013 when it was 3,079,000."

"The 4-week moving average was 2,053,500, an increase of 327,250 from the previous week's revised average."

Market reaction

With the initial market reaction, the US Dollar Index shot higher and was last seen adding 0.3% on the day at 99.77. US stock index futures pulled away from session highs after the data but cling to daily gains. The S&P 500 futures were last seen adding around 1% on the day. 

Meanwhile, the 10-year US Treasury bond yield erased its daily gains and was down 1.2% at 0.576% to reflect the intensifying risk-aversion.

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