The number of U.S. workers who filed new applications for unemployment benefits for the week ended Oct. 10 rose to 898,000, a historically high number that reinforces the view that while parts of the economy have mounted a sharp, V-shaped rebound, others, such as the labor market, are struggling to gain traction.
The Labor Department’s jobless claims report, released Oct. 15 (pdf), also revised up by 5,000 the number of people who filed initial jobless claims the week prior, to 845,000. The number of last week’s filings remains well above the 2007-2008 Great Recession peak of 665,000, highlighting the perspective that the U.S. economy isn’t yet out of the woods.
