Why did U.S. jobless claims spike unexpectedly last week?

Why did U.S. jobless claims spike unexpectedly last week?

This morning the Labor Department reported its latest look at unemployment claims, which rose unexpectedly and sent stock futures spiraling downward.

According to the report, 419,000 Americans filed for unemployment insurance last week. Economists had anticipated significantly fewer claims — about 350,000. Analysts had expected the data to reflect the lowest number of assistance requests since the pandemic began. 

The previously reported period reflected about 368,000 claims. 

This news coincides with mounting cases of the delta virus variant that is spiking hospitalizations and fear that the world could be in for another wave yet. 

Still, there are reasons to remain optimistic about the continued economic recovery. 

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Author: Fredrick Frost

Fedrick Frost is the Editor-in-Chief of Morning Bullets. He mainly writes about Politics, The Economy and breaking news. With over 35 years in jounralism he has been influential in helping the morning bullets newsletter readers be informed every morning.