The data from
the Labor Department revealed on Thursday the number of applications for
unemployment unexpectedly increase last week, as the U.S. labor market continues
its slow recovery from its biggest shock in history, caused by the COVID-19 pandemic.
According to
the report, the initial claims for unemployment benefits totaled 870,000 for
the week ended September 19.
Economists had
expected 840,000 new claims last week.
Claims for the
prior week were revised upwardly to 866,000 from the initial estimate of 860,000.
Meanwhile, the
four-week moving average of claims fell to 878,250 from an upwardly revised 913,500
in the previous week.
Continuing
claims dropped to 12,580,000 million from an upwardly revised 12,747,000 in the
previous week.