The daily business briefing: September 25, 2020

The Labor Department said Thursday that 870,000 Americans filed new jobless claims last week, an increase of about 4,000 claims over the previous week. The number was slightly higher than the 850,000 new claims that economists were expecting, suggesting a loss of momentum for the labor market recovery. This was another week that the new jobless claims remained below one million, but months into the coronavirus crisis, they’re still at a level that far surpasses the worst week of the Great Recession. Prior to the COVID-19 pandemic, the record for most claims filed in a single week was 695,000 in 1982. Schmidt Futures labor economist Martha Gimbel told NBC News: “It is astonishing that we are getting used to a number every week higher than we have ever seen before.” [CNBC]

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