The number of initial unemployment benefits in the United States continues to be high, and there may be a second wave of layoffs
At the last week, the number of people receiving Initial unemployment benefits decreased by 246,000 to 1.877 million in the United States. Although it was slightly higher than the market expectation of 1.8 million, it was reduced to less than 2 million for the first time since mid-March. In the same period, the number of people continuously claiming unemployment benefits reached 21.487 million, which was higher than market expectations of 20.05 million, an increase of 649,000 per week. The market estimates that the number of people receiving initial unemployment benefits remains high, mainly because companies are being hit by the sluggish demand, causing a second wave of layoffs.
Yesterday’s meeting to discuss the extension of the production cut agreement was cancelled
The oil group and non-oil group countries should have planned to meet last night to discuss whether to extend the production cut agreement, but the meeting was finally cancelled. The oil group pointed out that the video conference will still have a chance to reopen within this week, but Iraq and other oil-producing countries that have not complied with the previous agreement must promise to fully comply with the production cut agreement in the future. In order to support oil prices, oil group and non-oil group countries earlier set a daily output reduction of 9.7 million barrels in May and June. And at this week’s meeting, the production reduction agreement was extended for one to two more months. According to the latest news from the local TV station in Algeria, the oil group and the non-oil group will meet through a video conference this Saturday.
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