New Jobless Claims Rise while Overall Unemployment Claims Drop
First-time jobless claims jumped this week, hitting 898,000. However, the total amount of Americans collecting traditional benefits dropped sharply from 11.2 million to just over 10 million.
There was another increase in new unemployment claims last week, as the coronavirus pandemic continues to head in the wrong direction. Feeding America predicts over 50 million Americans will have faced hunger by the end of the year. Mark Hamrick, senior economic analyst at Bankrate, joins CBSN to discuss the state of the economy. According to the Department of Labor, 709,000 new Americans filed for unemployment claims last week as the Dow Jones crossed 30,000 for the first time, CNBC's Dominic Chu reports. Aired on 11/25/2020. According to the Labor Department, 787,000 Americans filed first-time unemployment claims last week, down 55,000 from the previous week. Mark Hamrick, Washington bureau chief and senior economic analyst at Bankrate, joins CBSN to discuss what this means for the economy, and the impact it could have on the 2020 election which is now less than two weeks away. Another 778,000 Americans filed first-time unemployment claims. This comes as the coronavirus pandemic worsens across the country. Frances Stacy, director of portfolio strategy at Optimal Capital, joins CBSN to discuss the latest.