Fri, 30 Oct 2020

Weekly jobless claims rise unexpectedly in US

ANI
25 Sep 2020, 07:18 GMT+10

Washington [US], September 25 (ANI): Amid the COVID-19 pandemic, the number of first-time filers of unemployment benefits in the United States were slightly higher than expected last week with 870,000 initial jobless claims were filed for the week ending September 19.

The Labour Department on Thursday (local time) reported that the initial jobless claims for the week ending September 19 came in at 870,000, adjusted for seasonal fluctuations.

This is slightly higher what economists polled by Dow Jones expected as they projected the first-time claims for the week at 850,000, down slightly from the previous week's 860,000, CNBC reported.

Without the adjustment, about 825,000 people filed last week, up from the previous week's 796,000. More than 6 million people a week filed during the peak of the layoffs in the spring, when Congress approved $600 a week in supplemental benefits.

"Bottom line, we have a mix of people going back to work because they are now greater incentivized to do so without the extra $600 per week and those that are still challenged in finding a job that matches their skills in this unfortunate pandemic landscape," CNBC quoted Peter Boockvar, chief investment officer at Bleakley Advisory Group, as saying.

New York and Georgia saw the biggest week-over-week increases in initial claims, the department said. Claims in New York jumped by more than 9,000 last week and first-time filers in Georgia rose by more than 6,000.

Thursday data comes as US lawmakers struggle to move forward with a new fiscal stimulus package, something economists and the Federal Reserve argue is needed for the economic recovery to continue.

US stock futures extended their earlier losses after the data release. Dow Jones Industrial Average futures traded 175 points lower, or 0.7 percent. (ANI)

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