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Weekly jobless claims surge to 853,000, highest since September

Photo: OLIVIER DOULIERY/AFP via Getty Images

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

Go deeper

Dion Rabouin, author of Markets
Jan 19, 2021 - Economy & Business

Economic growth is slowly returning

Data: New York Fed; Chart: Axios Visuals

The New York Fed's index of real-time data indicators shows the reversal of the economy's progress in late December and early January, but it moved upwards again last week.

Driving the news: Central bankers said the index's rise for the week of Jan. 9 was due to increases in tax withholding, fuel sales and rail traffic, which countered disappointing numbers for initial unemployment insurance claims and a decrease in electricity output.

Fadel Allassan
12 mins ago - World

Blinken makes unannounced trip to Afghanistan to sell troop withdrawal

Photo: CARLOS BARRIA/POOL/AFP via Getty Images

Secretary of State Antony Blinken made an unannounced trip to Afghanistan on Thursday to meet with the nation's president, Ashraf Ghani, and Abdullah Abdullah, who is representing the Taliban in negotiations, per the Washington Post.

Why it matters: Blinken sought to reassure the pair that the U.S. will maintain support for the country, despite President Biden's decision to withdraw troops from Afghanistan starting May 1 and concluding in full by Sept. 11.

Go deeper (1 min. read)Arrow
Sara Fischer, author of Media Trends
1 hour ago - Economy & Business

Women rise to the top at major media companies

Illustration: Aïda Amer/Axios

Several women have been tapped to lead some of the country's largest newsrooms over the past year — a promising sign of progress for an industry that's typically been slow to accept change and embrace diversity.

Driving the news: CBS News executive Kimberly Godwin was named president of ABC News on Wednesday. Godwin will be the first Black woman to lead a major broadcast news division when she takes the helm in May.

Go deeper (1 min. read)Arrow