853,000 Americans Filed New Unemployment Claims Last Week

By Emily McCormick – Re-Blogged From Yahoo!

Many more Americans filed new unemployment claims last week than during the previous week, as a resurgence in COVID-19 cases heading into the winter led to more business-constraining social distancing restrictions and pushed more people out of work.

The Department of Labor released its weekly report on new jobless claims Thursday morning at 8:30 a.m. ET. Here were the main results in the report, compared to consensus estimates compiled by Bloomberg:

  • Initial jobless claims, week ended Dec. 5: 853,000 vs. 725,000 expected and a revised 716,000 during the prior week
  • Continuing claims, week ended Nov. 28: 5.757 million vs. 5.210 million expected and a revised 5.527 million during the prior week

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Jobless Claims Hit More Than 44-Year Low

By Thomson/Reuters – Re-Blogged From Newsmax

[Fewer people losing jobs is good news, but it doesn’t address how many Americans have been unemployed for so long that they’ve given up hope of finding a job. I prefer this ‘Participation Rate’ chart. -Bob]

The number of Americans filing for unemployment benefits fell to its lowest level in more than 44 years last week, pointing to a rebound in job growth after a hurricane-related decline in employment in September.

Initial claims for state unemployment benefits dropped 22,000 to a seasonally adjusted 222,000 for the week ended Oct. 14, the lowest level since March 1973, the Labor Department said on Thursday.