• U.S. weekly jobless claims total 898,000

Market news

15 October 2020

U.S. weekly jobless claims total 898,000

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.

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