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US weekly jobless claims soar unexpectedly

·1-min read

First-time claims for US unemployment benefits have climbed by much more than expected in the week ended January 9, according to a report released by the Labor Department.

The report on Thursday said initial jobless claims rose to 965,000, an increase of 181,000 from the previous week's revised level of 784,000.

Economists had expected jobless claims to inch up to 795,000 from the 787,000 originally reported for the previous week.

With the bigger than expected increase, jobless claims reached their highest level since hitting 1.011 million in the week ended August 22.