Initial Unemployment Claims Rise Unexpectedly « The Washington Independent
Jul 31, 2020295 Shares147.5K Views
This morning, the Labor Department announcedthat 460,000 Americans applied for unemployment benefits for the first time — up from the week before and something of a surprise to economists, who had estimatedclaims to be around 435,000. These initial applications came mostly from people whose employer-provided benefits have expired, which normally happens after 26 weeks. So what was going on six months ago? The economy was still shedding nearly 10,000 jobs a day, with the unemployment rate nearing 10 percent.
The figure throws some cold water on the otherwise improving macroeconomic figures. The country added 162,000 jobs in March, the most since 2007 — but that “jobless recovery”? Still here.
Hajra Shannon
Reviewer
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