Wrong Way: Jobless Claims Climb Under Biden

New weekly jobless claims rose 61,000 to 719,000 for the week that ended March 27, the Department of Labor said Thursday.

Economists surveyed by Econoday had forecast a decline to 680,000 from the previous week’s initial estimate of 684,000. The previous week’s level was revised down by 26,000 from 684,000 to 658,000

Jobless claims can be volatile week to week so economists like to look at the four-week average. This fell to 719,000, a decrease of 10,500 from the previous week’s revised average. That is the lowest level for this average since March 14, 2020.

Continuing claims, which get reported with a week’s lag, fell to 3,794,000 in the week ended March 20, a decrease of 46,000 from the previous week. (Read more from “Wrong Way: Jobless Claims Climb Under Biden” HERE)

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