Washington D.C. — Jobless claims increased by 137,000 amidst COVID-19 shutdowns over the last week, according to the Department of Labor.
Seasonally adjusted initial claims for the week ending Dec. 5 jumped by 137,000 to 853,000. The previous week was revised up from 712,000 to 716,000.
Initial claims are considered volatile and are often revised up or down. As such, the DOL uses a four-week moving average. The four-week moving average increased by 35,500 to 776,000.
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Continuing claims rose by 230,000 to 5,757,000 for the week ending Nov. 28. There is a one week lag in reporting for continuing claims.
To put these unemployment numbers in perspective, there were 1,700,000 continuing claims for the same week last year. That means current continuing claims are over three times what they were a year ago.
The large jump in initial claims this week likely points to economic damage caused by state orders to close businesses. Restaurants, gyms, theaters, and other businesses are being forced to close by local and state governments across the country in response to the Chinese coronavirus.
Businesses are laying off workers as a result.
Seasonal employment is also down as retailers switch from storefronts to online shopping in response to the pandemic. This is hurting opportunities for those laid off in other industries to find new work.
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