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 is struggling
to recover from its biggest shock in history, caused by the COVID-19 pandemic.
According to
the report, the initial claims for unemployment benefits totaled 898,000 for
the week ended October 10. That was the highest number since the week ended August
22.
Economists had
expected 825,000 new claims last week.
Claims for the
prior week were revised upwardly to 845,000 from the initial estimate of 840,000.
Meanwhile, the
four-week moving average of claims rose to 866,250 from an upwardly revised 858,250
in the previous week.
Continuing
claims declined to 10,018,000 million from an upwardly revised 11,183,000 in
the previous week.