New jobless claims decline to 793,000, but stay higher than expected
The number of Americans filing new jobless claims has declined, but once again remained high and come in worse than expected.
The Labor Department said Thursday 793,000 Americans filed new jobless claims last week, down 19,000 claims from the revised level of the previous week. Last week's number of claims was originally reported to be 779,000, but this was revised up to 812,000.
Though new jobless claims declined this week, CNBC reports they came in above the 760,000 that economists were expecting. Even that number would still be higher than the pre-pandemic record for weekly jobless claims, which is 695,000.
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.
The latest number of jobless claims comes after the Labor Department reported that the U.S. economy added 49,000 jobs in January, which Glassdoor senior economist Daniel Zhao said showed an improvement that was "sluggish as the pandemic continues to restrain the economic recovery." The U.S. unemployment rate in that report declined to 6.3 percent, though Federal Reserve Chair Jerome Powell said this week the unemployment rate was closer to 10 percent in January "counting those who have left the labor force since last February as unemployed" and correcting a misclassification of "many" of unemployed people as employed.
"Despite the surprising speed of recovery early on, we are still very far from a strong labor market whose benefits are broadly shared," Powell also said.
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.
-
Drugmakers paid pharmacy benefit managers to avoid restricting opioid prescriptions
Under the radar The middlemen and gatekeepers of insurance coverage have been pocketing money in exchange for working with Big Pharma
By Theara Coleman, The Week US Published
-
The week's best photos
In Pictures A cyclone's aftermath, a fearless leap, and more
By Anahi Valenzuela, The Week US Published
-
The Imaginary Institution of India: a 'compelling' exhibition
The Week Recommends 'Vibrant' show at the Barbican examines how political upheaval stimulated Indian art
By 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