US Unemployment Claims Rise

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Another 853,000 Americans filed for first-time unemployment benefits last week on a seasonally adjusted basis, representing the largest number of claims since the second week of September. The decline came on the heels of the Thanksgiving holiday.

According to a US Labor Department Thursday morning report, not adjusting for seasonality initial claims stood at nearly 950,000. It also pointed out that initial jobless claims rose versus the prior week, marking the third increase in the last four weeks.

On top of regular applications for jobless benefits, 427,609 workers filed claims under the Pandemic Unemployment Assistance program, which was designed to help people such as the self-employed. However, while this was also an increase from the prior week, this number is not adjusted for seasonality.

“The surge in initial claims is especially concerning when claims are still above levels near the peak of the Great Recession,” Glassdoor senior economist Daniel Zhao told CNBC.

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