Speed Reads

the coronavirus crisis

Jobless claims come in worse than forecast, rising to 870,000

The number of new jobless claims for last week has come in worse than anticipated.

The Labor Department said Thursday that 870,000 Americans filed new jobless claims last week, which was about 4,000 claims higher than the revised total from the week prior. The number was above the level that economists were expecting, as experts had forecast a decline to 850,000 claims, CNBC reports.

This was another week that the new jobless claims remained below one million, but months into the coronavirus crisis, they're still at a level that far surpasses the worst week of the Great Recession. Prior to the COVID-19 pandemic, the record for most claims filed in a single week was 695,000 in 1982.

"That number is still above the previous height for jobless claims since before the COVID crisis started," Schmidt Futures labor economist Martha Gimbel told NBC News. "It is astonishing that we are getting used to a number every week higher than we have ever seen before."