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.
Ahead of this morning’s unemployment insurance claims report from the Labor Department and Friday’s employment report from the Bureau of Labor Statistics, ADP, Roseland, N.J., said private-sector employment increased by 428,000 jobs in August.
Initial unemployment claims for the week ending Aug. 22 fell slightly from last week but remained above one million, as the economic recovery from the coronavirus pandemic continues to prove difficult.
Americans filing initial unemployment claims jumped back above one million for the week ending Aug. 15, the Labor Department said, suggesting a more difficult climb out of the economic hole triggered by the coronavirus pandemic.