The number of Americans filing for first-time unemployment aid last week
jumped to the highest level since mid-August, the latest sign the
economy's recovery is stalling amid a surge in COVID-19 infections
nationwide.

Figures released Thursday by the Labor Department show 965,000 Americans
filed first-time jobless claims in the week ended Jan. 9, higher than
the 795,000 forecast by Refinitiv economists.

The number is nearly four times the pre-crisis level but is well below
the peak of almost 7 million that was reached when stay-at-home orders
were first issued in March. Almost 70 million Americans, or about 40% of
the labor force, have filed for unemployment benefits during the pandemic.

"The rise and level of new unemployment claims is shocking, at the
highest point seen since late August," said Mark Hamrick, Bankrate's
chief economic analyst. "This reminds us that the economic crisis has
not gone away, far from it, at a time when multiple crises have been
vying for our attention."

The number of people who are continuing to receive unemployment benefits
rose to 5.27 million, an increase of about 199,000 from the previous
week. The report shows that roughly 18.4 million Americans were
receiving some kind of jobless benefit through Dec. 26.

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