New weekly jobless claims jumped by 31,000 to 742,000 in the week ended November 14, the Department of Labor said Thursday.
Economists had expected jobless claims to inch up to 710,000 from the 709,000 initially reported a week ago. The previous week’s level was revised up by 2,000 to 711,000.
This is the first week of claims following the U.S. presidential election and may be viewed as a proxy for business reaction to the election.
Jobless claims—which are a proxy for layoffs—remain at extremely high levels. Prior to the pandemic, the highest level of claims was 695,000 hit in October of 1982. In March of 2009, at the depths of the financial crisis recession, jobless claims peaked at 665,000.
Claims hit a record 6.87 million for the week of March 27, more than ten times the previous record. Through spring and early summer, each subsequent week had seen claims decline. But