Weekly Jobless Claims Increase to 884,000, Missing Wall Street Expectations
The number of Americans filing new unemployment claims increased to 884,000 last week as the economy continues to suffer from the coronavirus pandemic, according to the Department of Labor.
Economists expected Thursday’s jobless claims number to come in around 850,000, according to The Wall Street Journal. New jobless claims fell below 1 million in the first week of August, marking the first time the weekly claims were below under 1 million since March.
“There’s still a long way to go, and I think we’re likely to see continued progress,” said Stephen Stanley, chief economist at Amherst Pierpont, WSJ reported. “More businesses are still reopening.”
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