This is getting bad.
In new figures released by the Labor Department, it appears that jobless claims have shot up to 207,000 from the previous number of 200,000 the previous week. The final number has missed the 197,000 prediction made by Refinitiv analysts.
According to Fox, the number of Americans continuously receiving unemployment aid rose to 1.754 million which is an increase of 36,000 from the previous week.
Currently, roughly 1.722 million Americans are receiving jobless benefits for the week ending Dec. 18. This is a decrease of 199,869 from the week before.
Mike Loewengart, managing director of investment strategy at E*Trade recently stated, “While hiring has certainly been a challenge, the employment picture has been improving and edging toward what it was pre-pandemic. So with the labor market somewhat under control, jobless claims are likely going to fade into the background while the Fed is focused on their inflation mandate.”
The Labor Department has also announced that there was 10.6 million job available the end of November meaning there is a lot of employment opportunities for those who want to work.