Initial Jobless claims increase to 870,000
By Niv Elis - 09/24/20 08:41 AM EDT
The number of new jobless claims for the week ending September 19th increased to a seasonally adjusted 870,000, a small increase of 4,000 from the previous week.
But unadjusted claims spiked by 28,527, or 3.6 percent, reaching 824,542.
"This is heartbreaking, both taking a broad view and also at the personal level for the more than 800,000 individuals who filed through traditional state programs, as well as the more than 600,000 who filed under the Pandemic Unemployment Assistance program," said Mark Hamrick, senior economist at Bankrate.com.
"This means about 1.5 million new claims were seen in the latest week under these programs," he added.