The number of unemployed increased by 11K for the first time last week
According to the Labor Department, the number of Americans applying for unemployment benefits for the first time rose from 11,000 to 362,000 in the week ending September 25. Analysts surveyed by Refinitiv expected the number of first-time filings to drop to 335,000.
“Negative surprise alert: New jobless claims rise for the third week in a row,” said Mark Hamrick, senior economic analyst at Bankrate. “The latest increase beset expectations for improvement. It appears to have been driven, at least in part, by rising claims in the states of California and Michigan.”
Claims issued for the week ended September 18 declined to 2.802 million from the revised 2.845 million a week ago. Analysts had forecast a drop of 2.8 million. Claims issued two weeks after the end of $300 per week in supplemental unemployment benefits decreased.
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Nearly 5 million Americans received some form of unemployment aid, a drop of more than 6 million from the previous week. More than 27.2 million Americans applied for benefits during the comparable week in 2020.