empty
 
 

2020.08.2013:16:00UTC+00U.S. Weekly Jobless Claims Unexpectedly Climb Back Above 1 Million

First-time claims for U.S. unemployment benefits unexpectedly increased in the week ended August 15th, according to a report released by the Labor Department on Thursday.

The report said initial jobless claims climbed to 1.106 million, an increase of 135,000 from the previous week's revised level of 971,000.

The increase surprised economists, who had expected jobless claims to drop to 925,000 from the 963,000 originally reported for the previous week.

Meanwhile, the Labor Department said the less volatile four-week moving average fell to 1,175,750, a decrease of 79,000 from the previous week's revised average of 1,254,750.

The report said continuing claims, a reading on the number of people receiving ongoing unemployment assistance, also tumbled by 636,000 to 14.844 million in the week ended August 8th.

"The decline suggests that some rehiring is occurring, which is encouraging," said Nancy Vanden Houten, Lead U.S. Economist at Oxford Economics.

She added, "However, the number of individuals claiming benefits remains extraordinarily high - more than twice the peak of the Great Recession - underscoring that the labor market is a long way from being healthy."

The four-week moving average of continuing claims also dropped to 15,841,250, a decrease of 326,750 from the previous week's revised average of 16,168,000.

  • Grand Choice
    Contest by
    InstaForex
    InstaForex always strives to help you
    fulfill your biggest dreams.
    JOIN CONTEST
  • Chancy Deposit
    Deposit your account with $3,000 and get $8000 more!
    In March we raffle $8000 within the Chancy Deposit campaign!
    Get a chance to win by depositing $3,000 to a trading account. Having fulfilled this condition, you become a campaign participant.
    JOIN CONTEST
  • Trade Wise, Win Device
    Top up your account with at least $500, sign up for the contest, and get a chance to win mobile devices.
    JOIN CONTEST
  • 100% Bonus
    Your unique opportunity to get a 100% bonus on your deposit
    GET BONUS
  • 55% Bonus
    Apply for a 55% bonus on your every deposit
    GET BONUS
  • 30% Bonus
    Receive a 30% bonus every time you top up your account
    GET BONUS


Can't speak right now?
Ask your question in the chat.
Widget callback