Jobless Claims Show Surprise Increase to 412,000

Jobless Claims , Show Surprise Increase to 412,000. The Labor Department's unadjusted data was released on Thursday. It showed an uptick of nearly 37,000 first-time unemployment claims from 375,000 the previous week. The two states that accounted for the majority of the increase were California, with 15,712 added claims. and Pennsylvania, with 21,590 added claims. Factors related to the pandemic, such as caregiving needs, ongoing fears of the virus, and unemployment insurance payments appear to be weighing on employment growth, Jerome Powell, Former Fed Chairman, via CNBC. These factors should wane in coming months against a backdrop of rising vaccinations leading to more rapid gains in employment, Jerome Powell, Former Fed Chairman, via CNBC. The total number of those who applied for jobless benefits last week, including continuing claims, did fall by close to 500,000. #California