Weekly jobless claims higher than expected as labor market takes hit from rising coronavirus cases

US News

The pace of first-time filings for jobless claims picked up last week, with the jobs market showing increasing vulnerability to the coronavirus spread.

Claims totaled 778,000 for the week ended Nov. 21, ahead of the 733,000 expectation from economists surveyed by Dow Jones and up from 742,000 the previous week.

Continuing claims for those collecting benefits for at least two weeks continued their decline, falling to 6.07 million, a decline of 299,000.

The news comes amid an ongoing rise in coronavirus cases and worries that the national health system is becoming stressed. New daily cases have averaged 174,225 over the past week, and health officials worry that Thanksgiving could send that level higher as families across the country travel to celebrate the holiday.

Though weekly claims have been below 800,000 for the past six weeks, they are still well above the pre-pandemic record as governments impose restrictions on activity. The hospitality industry has been particularly hard-hit with restrictions on capacity and the likelihood that many will have to go back to take-out only operations or close completely as winter settles in and cases continue to increase.

This is breaking news. Please check here for updates.

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