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U.S. Unemployment Claims Rise as Pandemic Weighs on Economy

Worker filings for jobless claims jumped to nearly 1 million last week, indicating rising layoffs amid a surge in Covid-19 cases

1/14/2021 4:34:00 PM

Worker filings for jobless claims jumped to nearly 1 million last week, indicating rising layoffs amid a surge in Covid-19 cases

The report added to the evidence that the rapid rise in Covid-19 cases and fresh business restrictions in some places are weighing on the labor market.

Worker filings for initial jobless claims jumped to nearly one million last week, indicating rising layoffs amidat the start of the year.The number of applications for unemployment benefits, a proxy for layoffs,rose by 181,000 to 965,000 last week, the Labor Department said Thursday. That put initial jobless claims at their highest level since mid-August and well above the roughly 800,000 a week they have averaged in recent months.

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The increase is another sign that the economic recovery is sputtering, as coronavirus infections hit record levels nationwide.Economists surveyed by The Wall Street Journal expected the government to report that new unemployment claims, a proxy for layoffs, came in at a seasonally adjusted 800,000 last week.

The current level is far less than the peak of nearly seven million jobless claims filed in late March. However, workers are filing nearly four times more applications than they typically did in the first two months of 2020, and still higher than in any other recession on record. headtopics.com

Read more: The Wall Street Journal »

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Does anybody really know how Department of Labor reports work?Last year for 2020, we had 850,000 people new file for 8 months. That is a lot of people. In fact, their are 180,000 people considered working, the rest is considered retired. Highest Unemployment was 12 percent? huh I have a hypothesis that rising jobless claims are unrelated to layoffs or cases. Rather, the increasing unemployment benefits have caused jobless claims to increase

I filed 😢