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U.S. Recovery More Tenuous as Jobless Claims Rise, Incomes Fall

  • Data indicate virus surge has led to fresh wave of layoffs
  • Wind-down of emergency programs hits Americans’ spending power
Bloomberg business news
Jobless Claims Unexpectedly Rise for Second Straight Week
Updated on

Applications for U.S. state unemployment benefits unexpectedly posted the first back-to-back weekly increase since July, while Americans’ incomes and savings fell last month.

Wednesday’s data indicate the economic rebound is becoming more tenuous amid soaring coronavirus cases, fresh lockdowns and an extended deadlock in Congress over a new stimulus package.