Unemployment Claims Up After Hitting Pandemic Low
Newsy
The steady fall in weekly applications for unemployment benefits coincides with a scaling-back of aid for jobless Americans.
The number of Americans seeking unemployment benefits moved up last week to 332,000 from a pandemic low, a sign that worsening COVID infections may have slightly increased layoffs.
Applications for jobless aid rose from 312,000 the week before, the Labor Department said Thursday. Jobless claims, which generally track the pace of layoffs, have fallen steadily for two months as many employers, struggling to fill jobs, have held onto their employees. Two weeks ago, jobless claims reached their lowest level since March 2020.
Jobless claims rose 4,000 in Louisiana, evidence that Hurricane Ida has led to widespread job losses in that state. Ida will likely nick the economy's growth in the current July-September quarter, though repairs and rebuilding efforts are expected to regain those losses in the coming months.
