Jobless claims: Another 778,000 workers filed for unemployment

[mahatmakanejeeves]

Source: Yahoo! Finance

Jobless claims: Another 778,000 workers filed for unemployment

Javier E. David · Editor focused on markets and the economy
Tue, November 24, 2020, 6:28 PM EST

This is a breaking news story: Please check back for updates.

The beleaguered U.S. labor market is absorbing a fresh wave of jobless workers, with 778,000 new unemployment claims filed in the latest week, as soaring COVID-19 hospitalizations and deaths lead states and cities to clamp down on public life.

The Department of Labor released its weekly report on initial jobless claims Thursday morning at 8:30 a.m. ET. Here are the numbers compared to what Wall Street expected, according to consensus estimates compiled by Bloomberg:

Initial jobless claims, week ended Nov. 21: 778,000 vs. 730,000 expected and 742,000 during prior week

Continuing claims, week ended Nov. 14: 6.07 million vs. 6 million expected and 6.37 million during prior week

All told, new unemployment claims have held below the 1 million water mark for over 3 months, and remain well below the pandemic-era peak of nearly 7 million.

{snip}

Read more: https://finance.yahoo.com/news/jobless-claims-week-ended-november-21-232813344.html

---

This morning's article is an update of yesterday evening's article.

It has a time stamp from yesterday evening. No one bothered to update that.

The Department of Labor released the data a day early this week. No one bothered to edit the article to note that.

The Department of Labor knows what day this is, even if Yahoo! does not.

-- -- -- -- --

From Joe.My.God.:

New Jobless Claims Spike To 778,000 For Week
November 25, 2020

https://www.joemygod.com/2020/11/new-jobless-claims-spike-to-778000-for-week/

https://www.bloomberg.com/news/articles/2020-11-25/u-s-jobless-claims-unexpectedly-jump-to-highest-in-five-weeks

[MyOwnPeace]

1. CAN'T BE!!!!!!!

TRUMP brought jobs back - he said so!!!!!!!!!

[mahatmakanejeeves]

2. From the source:

https://www.dol.gov/ui/data.pdf

News Release

Connect with DOL at
https://blog.dol.gov

TRANSMISSION OF MATERIALS IN THIS RELEASE IS EMBARGOED UNTIL
8:30 A.M. (Eastern) Wednesday, November 25, 2020

UNEMPLOYMENT INSURANCE WEEKLY CLAIMS

SEASONALLY ADJUSTED DATA

In the week ending November 21, the advance figure for seasonally adjusted initial claims was 778,000, an increase of 30,000 from the previous week's revised level. The previous week's level was revised up by 6,000 from 742,000 to 748,000. The 4-week moving average was 748,500, an increase of 5,000 from the previous week's revised average. The previous week's average was revised up by 1,500 from 742,000 to 743,500.

The advance seasonally adjusted insured unemployment rate was 4.1 percent for the week ending November 14, a decrease of 0.2 percentage point from the previous week's unrevised rate. The advance number for seasonally adjusted insured unemployment during the week ending November 14 was 6,071,000, a decrease of 299,000 from the previous week's revised level. The previous week's level was revised down by 2,000 from 6,372,000 to 6,370,000. The 4-week moving average was 6,615,250, a decrease of 438,000 from the previous week's revised average. The previous week's average was revised down by 1,250 from 7,054,500 to 7,053,250.

{snip}

UNADJUSTED DATA

{snip. Emphasis mine}

The total number of people claiming benefits in all programs for the week ending November 7 was 20,452,223, an increase of 135,297 from the previous week. There were 1,487,844 persons claiming benefits in all programs in the comparable week in 2019.

{snip the rest of the twelve-page news release, until the end}

Weekly Claims Archives
Weekly Claims Data

U.S. Department of Labor news materials are accessible at http://www.dol.gov. The Department's Reasonable Accommodation Resource Center converts Departmental information and documents into alternative formats, which include Braille and large print. For alternative format requests, please contact the Department at [phone] (voice) or [phone] (federal relay).

U.S. Department of Labor
Employment and Training Administration
Washington, D.C. 20210
Release Number: USDL 20-2177-NAT

Program Contacts:
Thomas Stengle: [phone]
Media Contact: [phone]

[NoMoreRepugs]

3. 20.5 million making claims.... how many million no longer can make a claim and are

receiving NO help is the most important number to me.

[Indykatie]

4. But We Have a Dow at $30000 so This Does Not Compute

No wonder Trump had his 1 minute conference call to toot the new high for the Dow yesterday. He knew these awful unemployment numbers were coming today.

[yaesu]

7. The only reason the DOW is over 20K is the Fed has been pumping over 7 billion into stocks &

junk bonds only to make tRump look good, plus the trillions of corporate welfare from the stimulus package, this will come to an end soon leaving another economic disaster for Dems to clean up.

[Cheezoholic]

8. I've seen that number est. from 750k to 2 million but..

If the KY gangster doesn't come to the table before 12/26 it's going to go up by 12-16 million. It's a big deal not just because of the huge numbers. Once you fall off into unemployed purgatory you are no longer eligible for any relief as you must be on UI in order to receive any extra UI funding like they did the first time around. It was promised when a deal was reached it would be retroactive back to August as long as you are still eligible for UI. It's criminal failure in my opinion.

[CaptYossarian]

5. Even more people who are tired of winning.

[BumRushDaShow]

6. "778,000 vs. 730,000 expected"

I don't know why, with the huge rise in covid cases nationwide enough to even see some red states finally succumbing to "mask mandates", there would be these assumptions that the losses weren't going to be as bad as is now being reported.

I will hate to see the December report come January. I think this wave is going to be a death knell, not only to people, but to many small businesses (thanks to selfishness causing this pandemic to get dragged out longer than it should ).

[riversedge]

9. gee, and Trumpy did not call a one minute news conference for this issue, like he did rise in stocks