US weekly jobless claims rise to 898,000 as labor-market recovery stumbles
- New US
jobless claimsfor the week that ended Saturday totaled 898,000, the Labor Department said Thursday. The reading came in above the consensus economist estimate of 825,000, and also marks an increase from the previous week's revised figure.
- Continuing claims, which track Americans receiving
unemploymentbenefits, fell to 10 million for the week that ended October 3. That was lower than economist forecasts.
The number of Americans filing for
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There have been roughly 65 million unemployment-insurance filings since early February, trouncing the 37 million seen during the 18-month Great Recession. Thursday's report came in well below the highs earlier in the pandemic but still landed above the 665,000 filings during the Great Recession's worst week.The millions of Americans still unable to find work are likely to endure tougher economic conditions in the near term. Democrats and Republicans remain far apart in reaching a stimulus compromise, and Wall Street economists increasingly expect new fiscal relief to arrive after the November elections.
in a Wednesday note. The lack of another expansion to unemployment benefits also leaves jobless Americans more prone to lingering debt through the pandemic. A recent study by researchers at the Federal Reserve Bank of New York found that Americans receiving unemployment insurance benefits used nearly half of the benefits to pay down debts. Roughly 24% of the payments were used for buying essential goods, and 23% were saved.Advertisement
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