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Unemployment Claims Fall to New Pandemic-Era Low But Remain Historically High
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Unemployment Claims Fall to New Pandemic-Era Low But Remain Historically High
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New surge in COVID-19 cases raises concern over economy
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By Will Althoff
Jul 22, 2021
A rise in initial unemployment claims is not what experts expected. The Labor Department reporting initial claims jumped to 419-thousand last week . a drop to around 340-thousand was expected.
Bankrate.com s Mark Hamrick says it s too early to say the rise is related to a spike in COVID cases.
Hamrick says Florida s increase wasn t as dramatic as some states. There were 88-hundred initial claims in Florida last week compared to 58-thousand in California and 22-thousand in New York.
Hamrick says it s tough to say the pandemic is the cause for the rise as there aren t any shutdowns or mandates keeping businesses closed. He adds that the economy is doing much better than it was this time last year.