Unemployment benefits claims unexpectedly rose last week
July 22, 2021. Summarized by summa-bot.
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In this photo illustration, a person files an application for unemployment benefits on April 16, 2020, in Arlington, Virginia. - The government reported Thursday that another 5.2 million US workers filed for unemployment benefits, taking the four-week total to 22 million, a staggering figure in a downturn that economists say presents the country with its most severe outlook since the Great Depression of the 1930s. (Photo by Olivier DOULIERY / AFP) (Photo by OLIVIER DOULIERY/AFP via Getty Images)
Claims for US jobless benefits unexpectedly jumped last week offering the latest reminder that the American economy — and the labor market — are not yet back to normal.
New York (CNN Business)Claims for US jobless benefits unexpectedly jumped last week offering the latest reminder that the American economy — and the labor market — are not yet back to normal.
Weekly jobless claims stood at 419,000, adjusted for seasonal swings, according to the Labor Department, climbing by more than 50,000 and exceeding economists' expectations.
Adding all first-time claims together, they stood at 516,000 last week without seasonal adjustments.
Andrew Stettner, senior fellow at The Century Foundation, noted that initial claims have "plateaued around 500,000 per week," adding that the Covid-19 "Delta variant threatens the labor market recovery as businesses in hard hit areas could be forced to curtail operations and shed positions if new restrictions are needed. "
Continued jobless claims, which count people who have applied for benefits for at least two weeks in a row, inched down to 3. 2 million from 3. 3 million in the week ended July 10.
In the week ended July 3, 12. 6 million Americans claimed benefits under the governments various programs, a decrease of 1. 3 million from the week before.