Last week, the U.S. saw another 898,000 Americans file unemployment insurance claims last week, which was an unexpected rise in claims compared to estimates.
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
Layoffs peaked at 6.9 million in March, when businesses were first ordered to close. Since then, the economy has gradually reopened, and with it, more people have been called back to work.
Still, the layoffs continue. New claims last week reached 898,000, which is the 7th straight week that initial claims below the 1 million mark. Data from the week prior was revised up from 840,000 to 845,000.
The largest increases in initial claims for the week ending October 3 were in Florida (+9,933), Illinois (+6,877), Massachusetts (+4,021), North Carolina (+2,907), and Maryland (+1,714), while the largest decreases were in New Jersey (-3,504), Kansas (-3,312), Pennsylvania (-3,111), Louisiana (-2,835), and Washington (-2,474).