US weekly jobless claims jump the most since March as America’s labor-market recovery falters

SourceBusiness Insider
SectorEconomy
CountryGulf

New US jobless claims for the week that ended Saturday totaled 965,000, the Labor Department said Thursday, signaling the labor market's rebound weakened through the end of the holiday season. Economists surveyed by Bloomberg expected a reading of 800,000 claims. The data shows a sizable increase from the previous week's revised number of 784,000. The jump was the biggest since March. Continuing claims, which track Americans receiving unemployment benefits, gained to 5.3 million for the week that ended January 2. That's above the consensus economist forecast of 5.3 million. Visit Business Insider's homepage for more stories. The number of Americans filing for unemployment benefits jumped last week as rising COVID-19 cases continued to cut into the labor market's recovery. New US jobless claims totaled an unadjusted 965,000 for the week that ended Saturday, the Labor Department announced Thursday. That comes in well above the 800,000 claims expected by economists surveyed by Bloomberg.

The reading is also greater than the previous week's revised total of 784,000, and reflects the biggest increase since March. Continuing claims, which track Americans receiving unemployment-insurance payments, gained to 5.3 million for the week that ended January 2. That came in above the median economist forecast of 5 million. More than 74 million Americans have filed for ...read more...