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Weekly Jobless Claims Surge to 965,000, Above Expectations

Business Economies Economy jobless pandemic Social Issues unemployment US US News

Weekly Jobless Claims Surge to 965,000, Above Expectations

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The number of American workers seeking state unemployment benefits last week blew by expectations to 965,000, a figure not seen since August and a historically high amount that points to a labor market plagued by the pandemic. The Labor Department said in a Jan. 14 report (pdf) that the number of people who filed initial state benefit claims last week grew by 181,000 from the previous week’s revised level of 784,000. Economists polled by Reuters predicted the jobless claims number would tick up slightly to 795,000, with the Labor Department’s report of 965,000 sending a ripple of surprise across the desks of experts. “The rise and level of new unemployment claims is shocking, at the highest point seen since late August,” said Bankrate.com senior economic analyst Mark Hamrick, in an emailed statement to The Epoch Times. “This reminds us that the economic crisis has not gone away, far from it, at a time when …

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