Jobless claims can be volatile week to week so many economists prefer to look at the four-week average. This rose to 818,250, an increase of 4,000 from the previous week’s upwardly revised level.
Jobless claims–which are a proxy for layoffs–remain at extremely high levels. Prior to the pandemic, the highest level of claims was 695,000 hit in October of 1982. In March of 2009, at the depths of the financial crisis recession, jobless claims peaked at 665,000.