New weekly jobless claims unexpectedly rose by 13,000 to 861,000 in the week that ended February 13, the Department of Labor said Thursday.
Economists had expected claims to fall to 768,00 from the 793,000 initially reported for the prior week. The previous week’s figure was revised up by 55,000 to 848,000.
Jobless claims can be volatile week to week so economists like to look at the four-week average. This fell to 833,250, 3,500 below the prior week’s average.
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.
Even when the economy is creating a lot of demand for workers, many businesses will shed employees as they adjust to market conditions. But in a high-pressure labor market, those employees quickly find jobs and many never show up on the employment rolls. What appears to be happening now is that many workers who lose their jobs cannot quickly find replacement work and are forced to apply for benefits.
You shut down a MAJOR pipeline and lose hotel/motel accommodations for the workers on the pipeline along with the needed food vendors . . . . WHAT DID THEY EXPECT ???!!!!
47 more months of this getting WORSE!
Especially with amnesty around the corner!
WHOOOPIE!!!!!!!!!!!!
DUGH !!!! No Surprise !!! Keep that Stimulus coming !!!!! & Unemployment !!!!! Don’t let it run out this time !!!
And just think……Sleepy, sleazy Joe hasn’t even been in power for a month! Doesn’t give you much to look forward to, does it?
And the good old Democrats up there in the Capitol Building and White House are forcing businesses out of business everyday. Mom and Pop businesses do not stand a chance. All they want is BIG business and BIG medical, BIG pharm etc. to stay alive. After all that is who line their pockets with millions.