The number of first-Time claims for unemployment benefits rose unexpectedly to a high since mid-February last week, highlighting that the road to recovery in the labor market is still bumpy.
The U.S. Department of Labor announced on the 18th that the number of first-time claims for unemployment benefits for the week ending on the 13th reached 770,000, an increase of 45,000 over the previous week and more than the market estimate of 700,000. For the week ending on the 6th, the number of consecutive claims for unemployment benefits was 4.12 million, a decrease for the ninth consecutive week.
The increase in the number of people claiming unemployment benefits for the first time last week shows that the job market is still facing shocks such as business closures and the new crown pneumonia (CCP virus) outbreak. The timing of these claims for unemployment benefits fell in the same week as President Biden signed the $1.9 trillion New Crown bailout package.
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