Happy early Thanksgiving!
Marketwatch: The number of U.S. residents collecting state unemployment benefits reached the highest level in 25 years, rising by 122,000 to a seasonally adjusted 3.84 million in the week ending Oct. 25, the labour Department reported Thursday.
Meanwhile, the number of first-time applications for benefits fell by 4,000 to 481,000 in the week ending Nov. 1, the government agency added. Read the full government report.
The jobless claims report shows businesses are laying off workers at a rapid pace, while finding a replacement job is ever harder. “The jobless claims data continue to point to a rapidly contracting labour market and a continued rise in the unemployment rate,” wrote John Ryding and Conrad DeQuadros of RDQ Economics.
The figures come just a day before the government will report on the October labour market. Economists surveyed by MarketWatch are looking for nonfarm payrolls to plunge by 210,000 and for the unemployment rate to rise by two-tenths to 6.3%. The October report is expected to be the worst in five years
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