U.S. jobless claims on the rise again

WASHINGTON—The Labor Department’s Thursday report revealed multiple signs of a slowdown in hiring to coincide with increasing numbers of coronavirus cases. The number of initial unemployment claims rose by 53,000 last week to 898,000, which is the largest increase since August. The economy remains more than 10 million jobs short of returning to pre-pandemic levels.

What effect has the report had? Wall Street stocks fell slightly Thursday but mostly recovered by the end of the day. Jobless claims increased specifically in states where the number of COVID-19 cases was rising, including Illinois and Wisconsin. State unemployment benefits vary widely—Arizona offers up to $240 per week, while New Jersey’s maximum is $713.

Dig deeper: Read Collin Garbarino report in Muse about the struggle movie theaters face to survive the pandemic economy.