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Jobless Claim Continue to Surge amid the Spread of Delta Variant

The number of Americans filing for Jobless Claim benefits surged last week. Nearly 351,000 Americans filed for first-time unemployment benefits in the week ended Sept. 18.The labour department noticed an increase from the previous week’s upwardly revised 335,000 filings. Analysts surveyed by Refinitiv predicted that 320,00 new filings will be filed this week.

Chris Giamo, head of commercial banking at TD Bank that despite the rise, claims are still near a pandemic-era low. The rise in the Jobless Claim for the week ended Sept. 11 jumped to 2.845 million, worse than the 2.65 milliona that analysts were expecting. Before the week’s reading was revised higher by 49,000 to 2.714 million filings.

Jobless Claim Continue to Surge amid the Spread of Delta VariantThe increase in continuing Jobless Claim came a week after the expiration of $300 per week in supplemental unemployment benefits. Nearly 11.25 million Americans have received unemployment assistance. The labour department noticed a drop of more than 856,000 from the prior week. More than 26.6 million Americans filed for benefits during the comparable week in 2020

Giamo said that for those who are ready to return to work following a period of displacement or unemployment, there are a record number of open jobs awaiting.  According to the Job Openings and Labor, there were nearly 10.9 million jobs open in July. Economists expect that U.S. employers added 720,000 payrolls last month and that the unemployment rate ticked lower to 5.2% from 5.4%.

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