Author Topic: Weekly Jobless Claims Fall to 860,000  (Read 133 times)

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Weekly Jobless Claims Fall to 860,000
« on: September 17, 2020, 10:14:58 AM »
John Carney 17 Sep 2020

New claims for unemployment insurance fell by slightly more than expected last week.

First time filings for jobless benefits declined by 33,0000 to 860,000 for the week ended September 12, the Labor Department reported Thursday. Economists had forecast 875,000.

The previous week was revised up from 880,000 to 893,000.

The figures are 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 hovered around one million throughout August, 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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