Weekly unemployment increased
The number of new applications for U.S. unemployment benefits rose to a one-month high of 770,000 in the middle of March.
According to the latest numbers from the U.S. Labor Department, initial jobless claims increased by 45,000 in the week ending March 13th.
Economist had forecast new claims would fall to a seasonally adjusted 700,000.
In Texas, jobless claims surged 21,000 to more than 70,000 due in part to February’s massive winter storm.
New claims also rose sharply in Illinois and Virginia. If the pandemic fades away, economists predict the U.S. could add as many as seven million jobs this year and push employment close to pre-coronavirus levels.