A rise in initial unemployment claims is not what experts expected. The Labor Department reporting initial claims jumped to 419-thousand last week ... a drop to around 340-thousand was expected.
Bankrate.com's Mark Hamrick says it's too early to say the rise is related to a spike in COVID cases.
Hamrick says Florida's increase wasn't as dramatic as some states. There were 88-hundred initial claims in Florida last week compared to 58-thousand in California and 22-thousand in New York.
Hamrick says it's tough to say the pandemic is the cause for the rise as there aren't any shutdowns or mandates keeping businesses closed. He adds that the economy is doing much better than it was this time last year.
Photo credit: Getty Images North America