Weekly Jobless Claims Increased in the Week Ending October 10th, 2020

The U.S. Department of Labor is reporting that an additional 898,000 Americans made their initial filing for unemployment benefits during the week ending on Saturday, October 10th. An increase of 53,000 from the previous week’s revised level. Jobless claims have remained above 800,000 every week since mid-March. The 4-week moving average was 866,250, an increase of 8,000 from the previous week’s revised average. The advance number for seasonally adjusted insured unemployment, known as continuing claims during the week ending October 3rd was 10,018,000, a decrease of 1,165,000 from the previous week’s revised level. Continuing claims remain below 20 million for the twelfth week in a row. The 4-week moving average was 11,481,750, a decrease of 682,250 from the previous week’s revised average. The advance seasonally adjusted insured unemployment rate was 6.8% for the week ending October 3rd, a decline of 0.9% from the previous week’s revised rates.