New Unemployment Claims Increase To 898,000, Higher Than Expected

New Unemployment Claims Increase To 898,000, Higher Than Expected


The number of Americans filing new unemployment claims increased to 840,000 last week as the economy continues to suffer the effects of the ongoing coronavirus pandemic, according to the Department of Labor.

The Bureau of Labor and Statistics figure released Thursday represented an increase of new jobless claims compared to the week ending Oct. 3, in which there were 840,000 new jobless claims reported. Thursday marked the highest number of jobless claims reported since the end of August, The Wall Street Journal reported.

“Given that we’re seven months into the pandemic now, these are still incredibly high numbers for initial claims,” said AnnElizabeth Konkel, an economist at job website Indeed, according to the WSJ.

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Economists expected Thursday’s jobless claims number to come in around 830,000, CNBC reported. New jobless claims fell below 1 million in the first week of August, which was the first time the weekly claims had fallen below 1 million since March. (RELATED: US Economy Plunges At Record Rate, Rebound Likely Next Quarter, Economists Say)

<img aria-describedby="caption-attachment-7028002" class="size-full wp-image-7028002" src="https://dailytruthreport.com/wp-content/uploads/2020/10/GettyImages-1229077938-scaled-1.jpg" alt="U.S. President Donald Trump waves as he boards Air Force One after addressing supporters at a Make America Great Again campaign event at Des Moines

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