Weekly jobless claims surge to 853,000, highest since September
About 853,000 Americans filed initial claims for unemployment insurance last week, up from 716,000 the week before and 123,000 more than economists had projected.
Why it matters: It's the highest number of new jobless claims since Sept. 19, per AP, and an indicator that labor market is heading in the wrong direction.
- As of Nov. 21, more than 19 million Americans were still dependent on some type of unemployment aid.
- The worrying trend comes as Congress remains deadlocked on stimulus negotiations.
Go deeper: The recovery needs rocket fuel