Jobless Claims Rise to 885,000
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From the Left
U.S. Jobless Claims Unexpectedly Jump to Highest in Three Months
Applications for U.S. state unemployment benefits unexpectedly jumped to the highest level in three months, suggesting the labor market’s recovery is faltering amid the surge in Covid-19 cases and widening business restrictions.
Initial jobless claims in regular state programs rose by 23,000 to 885,000 in the week ended Dec. 12, Labor Department data showed Thursday. On an unadjusted basis, the figure fell by about 21,000.
Continuing claims for state programs declined by 273,000 to 5.51 million in the week ended Dec. 5. That figure roughly approximates the number of people...
From the Center
U.S. Unemployment Claims Remain Elevated as Recovery Slows
Nearly 900,000 workers applied for jobless benefits last week, extending recent increases in another sign the economy is entering a winter slowdown.
Unemployment claims rose to 885,000 from 862,000 a week earlier, the Labor Department said Thursday.
More broadly, claims are down sharply from a peak of nearly 7 million in March, but the four-week moving average, which smooths out weekly volatility, recently increased after trending downward since the spring. The weekly figures can be volatile around the holidays due to seasonal-adjustment issues.
“The next few months will be pretty...
From the Right
Jobless Claims Rise to 885,000 as Layoffs Soar Amid Virus Spike
The number of Americans filing first-time claims for jobless benefits unexpectedly increased last week as a relentless surge in new COVID-19 infections hobbled business operations, offering more evidence that the economy's recovery from the pandemic recession was faltering.
Initial claims for state unemployment benefits totaled a seasonally adjusted 885,000 for the week ended Dec. 12, compared to 862,000 in the prior week, the Labor Department said on Thursday. Economists polled by Reuters had forecast 800,000 applications in the latest week.
Jobless claims are above their 665,000 peak during the 2007-09...
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