Surge in US jobless claims marks highest point since mid-September

New US jobless claims accelerated last week to their highest level since mid-September, jumping to 853,000 after a fresh surge in coronavirus cases spurred a new round of shutdowns that has stymied the labour market’s recovery.

Initial applications for unemployment benefits had increased from a seasonally adjusted 716,000 in the previous week, the US labour department said on Thursday. Economists were expecting a smaller rise to 725,000 claims.

The slowdown in jobs growth has stoked concerns that the labour market’s rebound has stalled, at a time when many states are reimposing curbs on businesses in an effort to combat a rise in infections and hospitalisations.

Politicians in Washington have rekindled talks to provide further economic aid, but Republicans and Democrats remain divided on the details.

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The White House offered a $916 billion (€755 billion) package, larger than a $908 billion bipartisan proposal, but which cut the amount of federal unemployment benefits and added stimulus cheques of $600 per person. Democratic leaders said they opposed the reduction in jobless aid. – Copyright The Financial Times Limited 2020