Jobless Claims Unexpectedly Jump To 744,000, Much Worse Than Expected

Increase in weekly jobless claims

On Thursday, the Department of Labor said that new weekly jobless claims jumped to 744,000 for the week that ended April 3rd.

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Experts predicted a drop to 680,000 from 719,000. However, this is the second consecutive week in which jobless claims have jumped up in contradiction to predictions. The upper end of the range of predictions in the Econoday survey was around 705,000.

Jobless claims change week to week and economists often focus on the four-week average. It went by 2,500 to 723,750.

Continuing claims dropped to 3,734,000. It was a drop of 16,000 in the week that ended March 27.

The number of continued week claims for benefits in all programs for the week that ended March 20 was 18,164,588. It was a decrease of 50,862 from the previous week.

In the week of March 27, claims reached 6.87 million. That’s more than ten times the previous number. In spring and early summer, each subsequent week marked a decline. In late July, the labor market stalled and claims went above one million in August. Week claims went down in September and made steady progress until the presidential elections. In the last few weeks, week claims have been crawling downward.

Many US states eased or eliminated COVID restrictions in March. According to reports, forty-three states are open. This had a positive impact on the economy. The American Rescue Act authorized $1.9 trillion of stimulus money. Just a small part of the millions has been used by this point.

The number of cases is on the rise, and there may be a drag on workers looking for a job.

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Source: Breitbart

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