Jobless claims rise to the highest level in almost 2 months
The number of Americans filing new jobless claims has unexpectedly risen to the highest level since August.
The Labor Department on Thursday said that 898,000 Americans filed first-time jobless claims last week, up more than 50,000 claims from the week before. This was not only more than the 830,000 claims economists had been anticipating but was also the highest number of weekly claims since Aug. 22, CNBC reports.
Additionally, Bloomberg reports that "on an unadjusted basis, the figure posted the largest one-week increase since July." Continuing claims declined by 1.165 million, the Labor Department said.
Subscribe to The Week
Escape your echo chamber. Get the facts behind the news, plus analysis from multiple perspectives.
Sign up for The Week's Free Newsletters
From our morning news briefing to a weekly Good News Newsletter, get the best of The Week delivered directly to your inbox.
From our morning news briefing to a weekly Good News Newsletter, get the best of The Week delivered directly to your inbox.
"Given that we're seven months into the pandemic now, these are still incredibly high numbers for initial claims," Indeed economist AnnElizabeth Konkel told The Wall Street Journal.
These numbers come after Treasury Secretary Steven Mnuchin cast doubt on the possibility of there being a coronavirus relief deal before Election Day. It also comes as The New York Times reports new research has found that "poverty has returned to levels higher than before the coronavirus crisis" and that "the number of poor people has grown by eight million since May."
Sign up for Today's Best Articles in your inbox
A free daily email with the biggest news stories of the day – and the best features from TheWeek.com
Brendan worked as a culture writer at The Week from 2018 to 2023, covering the entertainment industry, including film reviews, television recaps, awards season, the box office, major movie franchises and Hollywood gossip. He has written about film and television for outlets including Bloody Disgusting, Showbiz Cheat Sheet, Heavy and The Celebrity Cafe.
-
'Underneath the noise, however, there’s an existential crisis'
Instant Opinion Opinion, comment and editorials of the day
By Justin Klawans, The Week US Published
-
2024: the year of distrust in science
In the Spotlight Science and politics do not seem to mix
By Devika Rao, The Week US Published
-
The Nutcracker: English National Ballet's reboot restores 'festive sparkle'
The Week Recommends Long-overdue revamp of Tchaikovsky's ballet is 'fun, cohesive and astoundingly pretty'
By Irenie Forshaw, The Week UK Published
-
Judges block $25B Kroger-Albertsons merger
Speed Read The proposed merger between the supermarket giants was stalled when judges overseeing two separate cases blocked the deal
By Peter Weber, The Week US Published
-
Rupert Murdoch loses 'Succession' court battle
Speed Read Murdoch wanted to give full control of his empire to son Lachlan, ensuring Fox News' right-wing editorial slant
By Peter Weber, The Week US Published
-
Bitcoin surges above $100k in post-election rally
Speed Read Investors are betting that the incoming Trump administration will embrace crypto
By Peter Weber, The Week US Published
-
Enron mystery: 'sick joke' or serious revival?
Speed Read 23 years after its bankruptcy filing, the Texas energy firm has announced its resurrection
By Peter Weber, The Week US Published
-
US charges Indian tycoon with bribery, fraud
Speed Read Indian billionaire Gautam Adani has been indicted by US prosecutors for his role in a $265 million scheme to secure solar energy deals
By Peter Weber, The Week US Published
-
Boeing machinists approve contract, end strike
Speed Read The company's largest union approved the new contract offer, ending a seven-week strike
By Peter Weber, The Week US Published
-
US economy still strong in final preelection report
Speed Read It grew at a solid 2.8% annual rate from July through September
By Peter Weber, The Week US Published
-
Boeing machinists reject deal, continue strike
Speed Read The rejection came the same day Boeing reported a $6.2 billion quarterly loss
By Peter Weber, The Week US Published