US Unemployment Rate Jumps to about Two-year High

unemployment claims rose for the seventh straight week, evidence of calm demand for labor in the United States.

Continuing unemployment claims represent the number of people actually receiving unemployment benefits, and their number increased to 1.83 million Americans in the week that ended last October 28, reaching its highest level since mid-April, according to Labor Department data released Thursday.

First-time jobless claims fell to 217,000 in the week ending November 4, while the four-week moving average, which accounts for some fluctuations in the weekly numbers, rose to 212,250.

This recent increase in continuing unemployment claims indicates that unemployed workers are facing a difficult period in which they are unable to take on new jobs. The demand for labor is declining at unprecedented levels during the pandemic period, so much so that the unemployment rate has now reached its highest level in nearly two years.

Before making the amendments, we find that applications for unemployment aid for the first time rose to 213,132 applications. The largest increase in these requests was recorded in California and New York, while their numbers decreased in Oregon. As for continuing unemployment claims in the latest weekly reports, they witnessed the highest increase before the amendments were made in the states of California, Michigan, and Washington.

Economists expect a gradual calm in the labor market over time, leading to increased feelings of anxiety among workers. With interest rates now at their highest level in more than two decades, some employers are starting to scale back hiring plans, and others are reducing employee numbers.