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“U.S. states saw another 898,000 Americans file first-time unemployment insurance claims last week, representing an unexpected rise in new claims with the pandemic still under way and another round of fiscal stimulus still out of reach.
The U.S. Department of Labor (DOL) released its weekly jobless claims report at 8:30 a.m. ET Thursday. Here were the main metrics from the report, compared to Bloomberg estimates:
Initial jobless claims, week ended Oct. 10: 898,000 vs. 825,000 expected and 845,000 during the prior week
Continuing jobless claims, week ended Oct. 3: 10.018 million vs. 10.550 million expected and 11.183 million during the prior week
Jobless claims rose by 53,000 last week, ending what had been a four-week streak of improvements in the number of new claims.
At 898,000, the sum represented the seventh straight week that initial claims came in below the 1 million mark. However, new claims have held stubbornly above 800,000 for as many weeks, with a steady stream of new layoffs continuing to weigh on the economic recovery.
Continuing claims, however, trended lower. These claims, which are reported on a one-week lag and capture the total number of individuals still receiving unemployment benefits, fell by a greater than expected 1.17 million from the previous week’s upwardly revised level.”
Stock market data: Yahoo Finance