The level of new jobless claims unexpectedly rose last week, signaling a weakening trend in the labor market as states across the US grapple with a resurgence in coronavirus cases. Another 1.416 million Americans filed for first-time unemployment insurance benefits, up from just over 1.3 million the prior week, to mark the first increase in new claims on a week over week basis since March.
Here were the main results from the report, compared to consensus estimates compiled by Bloomberg:
- Initial jobless claims, week ended July 18: 1.416 million vs. 1.3 million expected and 1.307 million during the prior week
- Continuing claims, week ended July 11: 16.197 million vs. 17.1 million expected and 17.304 million during the prior week
New jobless claims topped one million for an 18th straight week, with the pandemic and social distancing measures driving stubbornly high levels of joblessness since mid-March. The total number of new claims filed since the week ended March 20 topped 52 million.