Unemployment claims reach 16-year high

The number of Americans filing claims for first-time unemployment benefits rose by 27,000 to a seasonally adjusted 542,000 for the week ended Nov. 15 — a 16-year high, according to data from the Department of Labor.
NOV 20, 2008
By  Bloomberg
The number of Americans filing claims for first-time unemployment benefits rose by 27,000 to a seasonally adjusted 542,000 for the week ended Nov. 15 — a 16-year high, according to data from the Department of Labor. Economists surveyed by Briefing.com had expected the number of jobless claims that were filed to fall to 505,000. Meanwhile, the seasonally adjusted number of people filing for unemployment insurance for the week ended Nov. 8 was 4.01 million, marking an increase of 109,000 from the previous week. The four-week average of claims also increased by 15,750 to 506,500, marking the highest level since January 1983. The uninsured unemployment rate, which measures the percentage of the work force receiving unemployment benefits, was 3.0% for the week ended Nov. 8, up from 2.9% the previous week. The national jobless rate shot up 6.5% in October, marking its highest level in 14 years, according to the Labor Department. That compared with an unemployment rate of 6.1% in August and September.

Latest News

JPMorgan mulls new asset lending scheme aimed at crypto ETF investors
JPMorgan mulls new asset lending scheme aimed at crypto ETF investors

Insiders say the Wall Street giant is looking to let clients count certain crypto holdings as collateral or, in some cases, assets in their overall net worth.

Fintech bytes: Future Capital adds RayJay alum to C-suite, Advyzon welcomes ex-Envestnet leader
Fintech bytes: Future Capital adds RayJay alum to C-suite, Advyzon welcomes ex-Envestnet leader

The two wealth tech firms are bolstering their leadership as they take differing paths towards growth and improved advisor services.

UBS 'wrongfully' fired Idaho advisor in 2021: FINRA panel
UBS 'wrongfully' fired Idaho advisor in 2021: FINRA panel

“We think this happened because of Anderson’s age and that he was possibly leaving,” said the advisor’s attorney.

Cetera Trust hires Fidelity vet Kerri Scharr for chief fiduciary officer role
Cetera Trust hires Fidelity vet Kerri Scharr for chief fiduciary officer role

The newly appointed leader will be responsible for overseeing fiduciary governance, regulatory compliance, and risk management at Cetera's trust services company.

Trump's 'revenge tax' might come back to bite US borrowers, experts say
Trump's 'revenge tax' might come back to bite US borrowers, experts say

Certain foreign banking agreements could force borrowers to absorb Section 899's potential impact, putting some lending relationships at risk.

SPONSORED Beyond the dashboard: Making wealth tech human

How intelliflo aims to solve advisors' top tech headaches—without sacrificing the personal touch clients crave

SPONSORED The evolution of private credit

From direct lending to asset-based finance to commercial real estate debt.