Economy

Weekly jobless claims miss estimates as employment gains taper

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Weekly jobless claims were worse than expected last week amid a plodding climb for the U.S. labor market from the damage inflicted by the coronavirus pandemic.

The Labor Department on Thursday reported 884,000 first-time filings for unemployment insurance, compared with 850,000 expected by economists surveyed by Dow Jones. The total was unchanged from the previous week.

Continuing claims from those filing for at least two weeks rose from the previous week, hitting 13.385 million, an increase of 93,000 from last week’s report and an indicator that the strong jobs improvement through the summer may be tailing off entering the fall.

The Labor Department changed its methodology in how it…

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Source cnbc.com

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