The Ministry of Labor reported Thursday that unemployment insurance claims surged to 965,000 last week amid signs of a slowdown in employment due to pandemic regulation.
The total was below Wall Street’s estimate of 800,000 and above the previous week’s total of 784,000.
The market was barely responsive to that number, as the decline in economic activity is expected to be hit by more stimulus from Washington. Elected in the presidential election late Thursday, Joe Biden has announced expectations for another package that could exceed $ 1 trillion.
Futures continued to show rising Wall Street opening prices.
Still, the weekly figures ending January 9 were another sign of economic turmoil brought about by restrictions on activities aimed at combating the spread of the virus. The total was the highest since the week of August 22, when just over one million claims were filed.
Continuous billing was also high, increasing from 199,000 to 5.27 million. This number is a week behind the total weekly billing and has increased for the first time since late November.
Despite the increase in weekly numbers, the total number of people receiving benefits under all governments has plummeted. That level dropped from 1920 million last week to 18.4 million. The data runs two weeks behind the total weekly billing. This decrease is primarily due to slides when filing an emergency pandemic claim.
This is breaking news. Please come back here to check for updates.
Unemployment claims surge to the highest weekly total since August
Source link Unemployment claims surge to the highest weekly total since August