This week’s initial unemployment claims report from the Labor Department sounds an increasingly familiar theme: a slight drop from the previous week, tempered by the reality that claims remain highly elevated from pre-pandemic levels.
The labor market remains under stress, as evidenced by yesterday’s initial claims report from the Labor Department, which showed claims rising for the second straight week to its highest level since August.
Initial claims for unemployment insurance ticked back up last week, the Labor Department reported yesterday—another indicator of just how persistent economic conditions have been since the coronavirus hit this past winter and spring.
The Labor Department yesterday reported 860,000 initial claims for unemployment insurance, seasonally adjusted, for the week ending September 12, down by 33,000 from the previous week, but still high by historical standards.
Initial claims for unemployment fell under one million last week for just the second time since March, but the change largely reflected a change in methodology by the Labor Department and remain elevated by historical standards.