Weekly Jobless Numbers Rise Again, Failing to Beat Predictions For New Low
Initial claims for unemployment insurance have returned to a high not seen in over a month, the U.S. Labor Department revealed in its report Thursday.
The latest numbers for Americans who filed their first claim for unemployment reached 351,000 for the week ending Sept. 18, an increase from the previous week’s upwardly revised 335,000 and well ahead of the 320,000 Dow Jones estimate, according to CNBC. The number is the highest since Aug. 21.
For all the strides the economy has made in recovering from the COVID-19 pandemic, the newest unemployment data suggests there will be struggles ahead in returning to pre-pandemic levels.
Last week, the Labor Department showed that 332,000 new unemployment claims were filed, which were at the time higher than expectations.
The data arrive amid reports of signifcant labor shortages and employer complaints about being unable to find workers. Executives worry that it is more difficult than before the pandemic to add new hires.
Continuing claims also increased, rising 181,000 to total more than 2.84 million. The four-week moving average for continuing claims fell to just over 2.8 million, in stark contrast to the 12.6 million claims from the same time last year.
Enhanced federal unemployment benefits were brought to an end by the federal government on Labor Day, but some states, led by Republican governors, ended these programs early in a bid to boost job growth.
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