Weekly Initial Unemployment Claims Reach Highest Number Since August
According to the U.S. Department of Labor, initial unemployment claims for the week ending October 10 reached 898,000, an increase of 53,000 from the previous week's revised level. This is the highest number since August 22, and economists surveyed by Dow Jones had expected about 830,000 claims. The increase in claims indicates that the labor market is still struggling to get back to its pre-pandemic mark.
The 4-week moving average was 866,250, an increase of 8,000 from the week prior. The advance seasonally adjusted insured unemployment rate was 6.8% for the week ending October 3, a decrease of 0.9 percentage point from the previous week's revised rate. Those receiving first-time benefits under the Pandemic Unemployment Assistance program continued to...
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