Based on new jobless claims, the US’ economy doesn’t appear to be ‘roaring back.’
American workers continued to hit the unemployment line in large numbers last week, with 898,000 new claims filed for jobless benefits.
Economists surveyed by Dow Jones had been looking for 830,000.
The total for the week ended Oct. 10 was the highest number since Aug. 22 and another sign that the labor market continues to struggle to get back to its pre-coronavirus pandemic mark. The number represented a gain of 53,000 from the previous week’s upwardly revised total of 845,000.
Continued claims fell by 1.165 million to just over 10 million.
“Seven months into the pandemic and on the verge of winter, the labor market is on thin ice,” said AnnElizabeth Konkel, economist at Indeed.com hiring services company. “Holiday hiring is sluggish, and many businesses need to make significant changes to ride out the colder months. Additionally, any potential economic boost from a stimulus package continues to be out of reach.”
A growing number of business leaders, executives and policymakers are stressing the urgent need for additional stimulus to keep the economy from sinking even further into recession and to provide support for families who have been out of work for months.