"The question is no longer whether the recovery will slow, it will," said Joel Naroff, chief economist at Naroff Economics in Holland, Pennsylvania. "The real issue is by how much will it decelerate." (File pic shows people lining up to collect US jobless unemployment forms. - Reuters)
WASHINGTON: The number of Americans filing first-time claims for jobless benefits increased further last week, suggesting that an explosion in new COVID-19 infections and business restrictions were boosting layoffs and undermining the labor market recovery.
Still, the economy got off to a solid start in the fourth quarter, with consumer spending and business investment in equipment topping analysts' expectations in October. Businesses also reported a sharp rebound in profits in the third quarter.
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