The surprise jump in new jobless claims filings to the highest level since mid-September signals a weakening in the labor market that could drag down the economy into the first quarter.
Initial claims for state unemployment benefits jumped to 853,000, rising 137,000 during the week ended Dec. 5 from the prior week, the largest weekly increase since the height of economic shutdowns in March. Economists had expected 730,000 claims, according to Dow Jones. They note the Thanksgiving holiday period could have added distortions in both weeks, but the trend is clearly negative.
State continuing claims rose by 230,000 to 5.76 million, the first increase since August.
* CBS 2…
The Illinois Department of Employment Security reported 107,616 new unemployment claims were filed across the state last week, the week of Nov. 29, the most jobless claims the state has had in nearly eight months.
Illinois’ estimated claims last week were among 853,000 total filed across the country.
The most recent claims represent a 45% increase from the prior week, when 74,131 unemployment claims were filed statewide, and a 627% increase over the 14,798 new claims filed in the same week of 2019.
Illinois numbers have not been this high since mid-April, when there were over 141,000 claims filed the week of April 6.
If these high numbers are due to fraud, as the governor has said, then Illinois is having truly gigantic fraud problems. We have 3.9 percent of the US population and 12.6 percent of the benefit applications?
*** UPDATE *** Text from a reporter buddy…
On unemployment, IL’s situation isn’t quite that bad. (Altho it’s still bad.) Seasonally adjusted national unemployment apps were 853,000. Actual were over 947,000. So IL accounted for 11.3%