U.S. Initial Jobless Claims Unexpectedly Rise to 898,000 Last Week

© Reuters

By Noreen Burke 

biedex.com — The number of Americans applying for initial unemployment benefits unexpectedly increased to last week , compounding fears that the recovery in the labor market is stalling.

Economists had forecast a decline to 825,000. The prior week’s figure was revised up to 845,000 from an initially reported 840,000.

The number of continuing claims, which are reported with a one-week lag to initial claims, decreased to . The previous week’s figure was also revised up to 11.183 million.

The report comes a day after Treasury Secretary Steven Mnuchin quashed hopes for additional aid to support the faltering economic recovery before the election.

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