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  • a lot more Americans and expected filed jobless claims for the first time last week.

  • The Labor Department reported Thursday that initial claims for unemployment benefits rose to 861,000.

  • That surprised economists who had forecast 765,000 applications.

  • The temporary closure of auto plants due to global chip shortage may have been partly behind the rise in claims.

  • Although applications air still stuck above their 665,000 peak during the great recession after dropping from a record 6.9 million in March, there is reason to be cautiously optimistic.

  • Coronavirus infections have been declining since mid January.

  • So have hospitalization rates plus retail sales grew by the most in seven months in January, and Congress is considering President Joe Biden's massive $1.9 trillion recovery package.

  • And the Federal Reserve report said most Fed officials see progress and vaccinations, leading to what they see as a sizable boost in economic activity.

a lot more Americans and expected filed jobless claims for the first time last week.

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