Last week, October 10, jobless claims rose to 898,000 according to new data from the U.S. Department of Labor making it the highest number since late August. The new numbers come as job gains and consumer spending have slowed down, potentially indicating that the U.S. economic recovery is slowing down. “Given that we’re seven months into the pandemic now, these are still incredibly high numbers for initial claims,” said Indeed economist Ann Elizabeth Konkel. However, the new data shows that the number of people collecting unemployment has decreased by 10 million indicating that some companies have continued to hire. However, some argue that this number could be deceiving and actually may be a result of people exhausting their payments through regular state programs.

Click here to read more.