New weekly jobless claims unexpectedly rose by 13,000 to 861,000 in the week that ended February 13, the Department of Labor said Thursday.
Economists had expected claims to fall to 768,00 from the 793,000 initially reported for the prior week. The previous week’s figure was revised up by 55,000 to 848,000.
Jobless claims can be volatile week to week so economists like to look at the four-week average. This fell to 833,250, 3,500 below the prior week’s average.
Jobless claims—which are a proxy for layoffs—remain at extremely high levels. Prior to the pandemic, the highest level of claims was 695,000 hit in October of 1982. In March of 2009, at the depths of the financial crisis recession, jobless claims peaked at 665,000.
Even when the economy is creating a lot of demand for workers, many businesses will shed employees as they adjust to market conditions. But in a high-pressure labor market, those employees quickly find jobs and many never show up on the employment rolls. What appears to be happening now is that many workers who lose their jobs cannot quickly find replacement work and are forced to apply for benefits.
Claims hit a record 6.87 million for the week of March 27, more than ten times the previous record. Through spring and early summer, each subsequent week had seen claims decline. But in late July, the labor market appeared to stall and claims hovered around one million throughout August, a level so high it was never recorded before the pandemic struck. Claims moved down again in September and had made slow, if steady, progress until the election.
Continuing claims, which get reported with a week’s lag, fell by 64,000 to 4,494,000.
There are two new programs offering unemployment benefits to people previously ineligible, such as self-employed workers or small business owners. The total number of continued weeks claimed for benefits in all programs for the week ending January 30 was 18,340,161, a decrease of 1,325,567 from the previous week.
Author : John Carney
Source : Breitbart : Jobless Claims Jump to 861,000, Much Worse Than Expected
Join Our Mailing List
- Biden HHS Spending $60 Million Each Week To House Migrant Children
- Tennessee The 20th State To Abolish Concealed Permit Requirement
- Meet Joe Biden’s ATF Head: He Wants You To Register Your Rifles
- Trump, Other Potential GOP Contenders, Gathering At Major Retreat
- Hundreds Of Sheriffs Call On Biden To Finish Trump’s Border Wall, Stop Gangs, Guns, Dangerous Drugs Entering U.S.
- A Political Power Grab: Biden Creates Commission To Study Packing The Supreme Court
- Zeldin Announces Run For Governor Of NY – We Have To Turn Things Around
- Report Shows Trump’s Net Worth After Presidency – Obama Got Richer While Donald Lost Over $1 Billion
- 172,000 Tried To Cross Border Illegally In March, The Most In 15 Years
- Texas Governor Demands Shut Down Of Migrant Facility For Abuse
- Neck Becomes Neck Area For Prosecution, Media In George Floyd Trial
- Biden On The Second Amendment: No Amendment Is Absolute
- Leaked Teacher Training Video Shows How Cultish Critical Race Theory Is Being Pushed On Teachers
- Cuomo’s NY: Illegals To Get $1.1B More In Aid Than Small Businesses
- Trump Supports New Pence Effort To Fuse Conservatism With MAGA Agenda