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Jobless claims jump: Another 861,000 Americas filed for initial benefits last week

February 18, 2021. Summarized by summa-bot.

Compression ratio: 70%. 1 min read.

Mandatory Credit: Photo by JUSTIN LANE/EPA-EFE/Shutterstock (11752993d) A person walks past a closed tourism near Times Square in New York, New York, USA, 09 February 2021. As a result of the continuing coronavirus pandemic, New York City's economy continues to suffer from lockdowns, dining restrictions and contained high unemployment. New York Coronavirus Economy, USA - 09 Feb 2021

Another 861,000 workers filed for unemployment benefits for the first time last week, according to seasonally adjusted data released Thursday from the Labor Department.

New York (CNN Business)Another 861,000 workers filed for unemployment benefits for the first time last week, according to seasonally adjusted data released Thursday from the Labor Department.

It was nearly 100,000 claims more than economists had predicted, as well as an increase from the week before -- which was also revised higher.

America's jobs recovery has really lost steam and last week's initial claims were four times higher than in the same period last year.

Last year, initial claims jumped to 3. 3 million in the week ended March 21 before peaking at 6. 9 million in the following week.

Weekly claims dropped below a million in August, but their most recent adjusted low was 711,000 -- several times higher than the pre-pandemic average.

Added up, first-time claims actually stood at 1. 4 million last week, not adjusted for seasonal swings.

Continued jobless claims, which count filings for at least two consecutive weeks, stood at 4. 5 million.

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