Author Topic: U.S. Weekly Jobless Claims Stall at 884,000  (Read 226 times)

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U.S. Weekly Jobless Claims Stall at 884,000
« on: September 10, 2020, 09:57:48 AM »
John Carney 10 Sep 2020

U.S. weekly jobless claims held steady at 884,000 last week, slightly above Wall Street expectations.

Economists had forecast initial claims to drop to around 850,000 from 881,000 originally reported last week. Last week’s figure was revised up by 3,000 to 884,000.

Last week’s figures were the lowest since the pandemic drove unemployment claims to unprecedented highs.

Claims hit a record 6.87 million for the week of March 27. Until a month ago, each subsequent week had seen claims decline. But in late July, the labor market appeared to stall and claims have since hovered around one million, a level so high it was never recorded before the pandemic struck.

Jobless claims are a proxy for layoffs and have been closely watched as a signal for how the pandemic is influencing the economy.

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