New jobless claims unexpectedly decline for 2nd week in a row
The number of Americans filing new jobless claims has again declined unexpectedly while remaining historically high.
The Labor Department on Thursday said 787,000 Americans filed new jobless claims last week, down 19,000 from the revised level of the week before. This was the second consecutive week that the number of new jobless claims declined unexpectedly, as economists were anticipating the number of claims would climb to 828,000, CNBC reports. Bloomberg notes, however, that the "figures are often volatile around holidays."
Last week, the Labor Department had reported 803,000 new jobless claims, down from 892,000 the previous week. Still, both last week and this week's numbers remain higher than the record number of weekly claims prior to the coronavirus pandemic, 695,000, and The Associated Press notes the latest number of claims is still almost four times higher than at this point a year ago.
Subscribe to The Week
Escape your echo chamber. Get the facts behind the news, plus analysis from multiple perspectives.
Sign up for The Week's Free Newsletters
From our morning news briefing to a weekly Good News Newsletter, get the best of The Week delivered directly to your inbox.
From our morning news briefing to a weekly Good News Newsletter, get the best of The Week delivered directly to your inbox.
"Holiday noise and uncertainty about extensions of benefits may have held down claims last week," Oxford Economics economist Nancy Vanden Houten said, per The Wall Street Journal. "While prospects for the economy later in 2021 are upbeat, the economy and labor market will have to navigate some difficult terrain between now and then."
Create an account with the same email registered to your subscription to unlock access.
Sign up for Today's Best Articles in your inbox
A free daily email with the biggest news stories of the day – and the best features from TheWeek.com
Brendan worked as a culture writer at The Week from 2018 to 2023, covering the entertainment industry, including film reviews, television recaps, awards season, the box office, major movie franchises and Hollywood gossip. He has written about film and television for outlets including Bloody Disgusting, Showbiz Cheat Sheet, Heavy and The Celebrity Cafe.
-
'Unthinkable tragedy'
Today's Newspapers A roundup of the headlines from the US front pages
By The Week Staff Published
-
Passenger: 'pleasingly off-kilter' ITV crime drama
The Week Recommends There's 'plenty to be feared' in this British murder mystery set in a quiet northern town
By Adrienne Wyper, The Week UK Published
-
Crossword: March 27, 2024
The Week's daily crossword
By The Week Staff Published
-
Reddit IPO values social media site at $6.4 billion
Speed Read The company makes its public debut on the New York Stock Exchange
By Peter Weber, The Week US Published
-
Housing costs: the root of US economic malaise?
speed read Many voters are troubled by the housing affordability crisis
By Peter Weber, The Week US Published
-
Feds cap credit card late fees at $8
speed read The Consumer Financial Protection Bureau finalized a rule to save households an estimated $10 billion a year
By Peter Weber, The Week US Published
-
Immigration helped the US economy outpace peers
speed read The U.S. economy grew at an annualized rate of 3.2% last quarter
By Peter Weber, The Week US Published
-
4-day workweek gets boost from UK study
Speed Read Following a six-month trial, the majority of participating British companies are still using the truncated schedule
By Peter Weber, The Week US Published
-
US sues to block Kroger-Albertsons merger
Speed Read The Federal Trade Commission sued to block the $24.6 billion merger between the grocery giants
By Peter Weber, The Week US Published
-
Nvidia sees historic stock rise on AI chips success
Speed Read U.S. chipmaker Nvidia achieved the biggest one-day increase in value of any company in history
By Peter Weber, The Week US Published
-
New York may seize Trump's assets for $450M penalty
Speed Read The former president likely owes $600 million from two civil judgments in New York
By Peter Weber, The Week US Published