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Weekly jobless claims unexpectedly rise, hit highest level since early September
PUBLISHED THU, DEC 17 20208:31 AM EST UPDATED THU, DEC 17 20209:53 AM EST Fred Imbert
FTA
The number of first-time unemployment-benefits filers totaled 885,000 in the week ending Dec. 12, the most since the week of Sept. 5.
Economists polled by Dow Jones expected initial claims to fall to 808,000.
These numbers “really highlight the fragility of the labor market,” said Stifel’s Lindsey Piegza.
Jobless claims unexpectedly rose last week as states reimposed coronavirus restrictions as lawmakers struggle to push through new government aid, according to a Labor Department report Thursday.
The number of first-time unemployment-benefits filers totaled 885,000 in the week ending Dec. 12, the most since the week of Sept. 5. Economists polled by Dow Jones expected initial claims to fall to 808,000.
Initial claims for the previous week were revised higher by 9,000 to 862,000.
In all, 20.6 million Americans were receiving some kind of unemployment benefits through Nov. 28, the report said.
These numbers “really highlight the fragility of the labor market, particularly now as the second resurgence of the coronavirus [is] leading to further business closures and additional job losses, ” Lindsey Piegza, chief economist at Stifel, told CNBC’s “Squawk Box.”
The recent uptick in weekly jobless claims comes as coronavirus cases surge across the country.
https://www.cnbc.com/2020/12/17/weekly-jobless-claims.html
All-time Stock Market high. The Vaccine and the Vaccine rollout are getting the best of reviews. Moving along really well. Get those “shots” everyone! Also, stimulus talks looking very good.