U.S. weekly jobless claims total 1.427 million, vs 1.38 million expected

U.S. weekly jobless claims total 1.427 million, vs 1.38 million expected
  • Clock-gray 00:20
  • calendar-gray 03 July 2020

The number of Americans filing for unemployment benefits for the first time rose more than expected last week as the coronavirus pandemic continues to pressure the U.S. economy, APA reports citing CNBC.

The Labor Department said Thursday that initial jobless claims rose by 1.427 million in the week ending June 27. Economists polled by Dow Jones expect initial U.S. jobless claims to rise by another 1.38 million for the week ending June 27. 

This marked the 15th straight week in which initial claims remained above 1 million.

At the state level, Indiana saw a spike of 24,033 initial claims. In Virginia and Washington, claims rose by 7,769 and 8,110, respectively.

To be sure, initial claims in Oklahoma dropped by more than 41,000 last week while Maryland and New Jersey both saw declines of more than 5,900.

The data also showed the number of continuing claims — the number of people receiving unemployment benefits for consecutive weeks — rose to 19.29 million, an increase of about 59,000.

Thursday’s data release comes as some states roll back their reopenings amid a resurgence in coronavirus cases. According to Johns Hopkins University, more than 50,000 new coronavirus cases were confirmed in the U.S. on Wednesday, a single-day record. 

The Labor Department also released its monthly nonfarm payrolls report, which showed a gain of 4.8 million jobs last month while the unemployment rate dipped to 11.1%. Wall Street got a jolt from the data, with Dow Jones Industrial Average futures surging more than 400 points. 

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