US Unemployment Claims Jumped Amid COVID-19 Surge

The pace of workers filing for unemployment claims in the United States jumped last week and was higher than Wall Street had been expecting, amid a surge in COVID-19 cases all over the country.

The pace of workers filing for unemployment claims in the United States jumped last week and was higher than Wall Street had been expecting, amid a surge in COVID-19 cases all over the country.

According to a Thursday Labor Department report, jobless claims totaled 742,000, ahead of the 710,000 estimate from numerous economists surveyed by the Dow Jones. That total represented an acceleration from the previous week’s 709,000 and a continuation of the job market struggles since the COVID-19 crisis hit in March.

Continuing claims, which trail by a week, took another drop by falling 429,000 to 6.37 million, representing a fresh pandemic-era low. The Labor Department also pointed out that insured unemployment rate also continued to decline, falling to 4.3 percent.

The week-over-week increase was the first after four straight weeks of decline. Even with the increase for the most recent period, the four-week moving average decreased 13,750 to 742,00.


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