Jobless claims rise again after declining to lowest level during the pandemic
The number of Americans filing new jobless claims has ticked back up after previously declining to the lowest level since the pandemic began.
The Labor Department said Thursday that 719,000 more Americans filed new jobless claims last week, up 61,000 claims from the revised level of the previous week. This number came in above expectations, as economists were predicting there would be around 675,000 new claims, CNBC reports.
A total of 684,000 new jobless claims had been reported last week, which was the lowest level of weekly claims since the COVID-19 pandemic began, although this number was revised down on Thursday to 658,000. By rising back up to 719,000 claims, Thursday's total is once again higher than the pre-pandemic record for most weekly claims, 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.
But the Labor Department also said Thursday the four-week moving average of jobless claims declined to 719,000, the lowest level since March 14, 2020. Capital Economics economist Michael Pearce told The Wall Street Journal the "recovery is beginning to accelerate, particularly in the labor market," and Pantheon Macroeconomics chief economist Ian Shepherdson said that "taking the two weeks together it's clear that the trend in claims is falling," per CNBC. Still, Bloomberg wrote that Thursday's unexpected rise "underscores the choppy nature of the labor market recovery."
Create an account with the same email registered to your subscription to unlock access.
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.
-
Bormio: 'a great Alpine getaway'
The Week Recommends From snowy slopes and hot-spring spas, to high-end food and wine, this Italian town has something to offer everyone
By Asya Likhtman Published
-
Crossword: March 28, 2024
The Week's daily crossword
By The Week Staff Published
-
Sudoku medium: March 28, 2024
The Week's daily medium sudoku puzzle
By The Week Staff Published
-
Visa and Mastercard agree to lower swipe fees
Speed Read The companies will cap the fees they charge businesses when customers use their credit cards
By Peter Weber, The Week US Published
-
Reddit IPO values social media site at $6.4 billion
Speed Read The company makes its public debut on the New York Stock Exchange
By Peter Weber, The Week US Published
-
Housing costs: the root of US economic malaise?
speed read Many voters are troubled by the housing affordability crisis
By Peter Weber, The Week US Published
-
Feds cap credit card late fees at $8
speed read The Consumer Financial Protection Bureau finalized a rule to save households an estimated $10 billion a year
By Peter Weber, The Week US Published
-
Immigration helped the US economy outpace peers
speed read The U.S. economy grew at an annualized rate of 3.2% last quarter
By Peter Weber, The Week US Published
-
4-day workweek gets boost from UK study
Speed Read Following a six-month trial, the majority of participating British companies are still using the truncated schedule
By Peter Weber, The Week US Published
-
US sues to block Kroger-Albertsons merger
Speed Read The Federal Trade Commission sued to block the $24.6 billion merger between the grocery giants
By Peter Weber, The Week US Published
-
Nvidia sees historic stock rise on AI chips success
Speed Read U.S. chipmaker Nvidia achieved the biggest one-day increase in value of any company in history
By Peter Weber, The Week US Published