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Jobless Claims Unexpectedly Jump Higher Again

Jobless Claims Unexpectedly Jump Higher Again 17 Dec 2020 New weekly jobless claims jumped to 885,000 in the week that ended December 12, the Department of Labor said Thursday. The prior week’s initial claims number was revised up to 862,000 from the initial estimate of 853,000. Economists had forecast a decline in claims to 806,000, according to Econoday. Jobless claims can be volatile week to week so many economists prefer to look at the four-week average. This rose to 812,500 from 778,225. Jobless claims which are a proxy for layoffs remain at extremely high levels. Prior to the pandemic, the highest level of claims was 695,000 hit in October of 1982. In March of 2009, at the depths of the financial crisis recession, jobless claims peaked at 665,000.

US jobless claims rise to 885,000 amid resurgence of virus

US jobless claims rise to 885,000 amid resurgence of virus Although COVID-19 vaccines are being given, the virus will pose a serious threat during the holidays By Associated Press | December 17, 2020 at 7:43 AM CST - Updated December 17 at 11:41 AM WASHINGTON (AP) — The number of Americans applying for unemployment benefits rose again last week to 885,000, the highest weekly total since September, as a resurgence of coronavirus cases threatens the economy’s recovery from its springtime collapse. The Labor Department said Thursday that the number of applications increased from 862,000 the previous week. It showed that nine months after the virus paralyzed the economy, many employers are still slashing jobs as the pandemic forces more business restrictions and leads many consumers to stay home. The number of claims was much higher than the 800,000 that economists had expected.

Georgia s Labor Force Reaches All-Time High In November

Georgia’s Labor Force Reaches All-Time High In November Thursday, December 17, 2020 The Georgia Department of Labor announced Thursday that Georgia’s labor force reached an all-time high in November of 5.17 million. Additionally, the state saw significant increases in the number of employed residents and jobs. While nearly every metric remained positive, the unemployment rate for November still increased by 1.2 percentage points to 5.7 percent due to the dramatic increase in the number of citizens returning to the workforce. “November is yet another month where we witness the resilience of Georgia’s economy,” said Labor Commissioner Mark Butler. “While many may focus on the unemployment rate increasing, what is more important is the increases in jobs and employment.” 

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