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Bloomberg

US jobless claims beat forecast due to closures

(Bloomberg) – Unemployment benefits claims in the United States rose last week, beating estimates with the highest level since September. This suggests that expanded business closings to curb the pandemic are causing further job losses. Initial jobless claims in regular state programs rose from 137,000 to 853,000 in the week ending Dec. 5, according to department data. from Work on Thursday. On an unadjusted basis, the number increased by almost 229,000. The week before included Thanksgiving, and the data tends to be volatile around the holidays. Continuing claims, the number of Americans with ongoing unemployment benefits, increased by 230,000 to 5.76 million in the week that ended. November 28. It’s the first increase since August, with application readings exceeding all but one estimate in a Bloomberg survey of economists that indicated 725,000 initial applications and 5.21 million continuing applications, on an adjusted basis. US equity futures extended declines after the release. The rise in new applications, which remain at more than triple pre-pandemic levels, means the job market recovery will be slowed in the coming weeks by the new restrictions on restaurants and other businesses. The expected distribution of the first virus vaccines this month could help curb the spread and ease restrictions, but it will likely take months for it to reach significant numbers of Americans. Labor Trends The statement signals a shaky start to the job market this month. , which could be reflected in the monthly employment report of the Department of Labor for December. Hiring faltered in November with a 245,000 gain that was the weakest in five months, and Bloomberg Economics forecasts that total employment will decline. Meanwhile, the fate of an additional package of federal pandemic aid remains unresolved as Democrats and Republicans continue. negotiating. If an agreement is not reached by the end of the year, millions of Americans could start the new year with expired unemployment benefits The number of Americans who apply for pandemic emergency unemployment compensation, a federal program that extends benefits to those who have Exhausted what is allocated in state programs, it decreased slightly to 4.53 million in the week ending Nov. 21. Ongoing applications for the pandemic unemployment assistance program, which provides benefits to self-employed and temporary workers, fell to 8.56 million in the week ending November 21. However, those numbers have been inflated in recent weeks due to multiple counting and fraud. In all, more than 19 million Americans were filing for unemployment benefits as of Nov. 21. California, Illinois and Texas had the largest increases in initial claims, while Kentucky, Louisiana and Michigan were among those with the largest drops. In California, where some trade restrictions began before Thanksgiving, applications increased 36% to almost 178,000.Original Note: US Jobless Claims Jump More Than Forecast Amid New ShutdownsFor more articles like this, please visit us at bloomberg.com now to stay ahead with the most trusted business news source. © 2020 Bloomberg LP

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