The data from
the Labor Department revealed on Thursday the number of applications for
unemployment unexpectedly rose last week, signaling that the U.S. labor
market is continuing to struggle in the grip of the coronavirus pandemic
According to
the report, the initial claims for unemployment benefits totaled 1,106,000 for
the week ended August 15. That brought the number of job losses over the past
twenty-two weeks (since the U.S. went into coronavirus lockdown in mid-March)
to near 57.4 million.
Economists had
expected 925,000 new claims last week.
Claims for the
prior week were revised upwardly to 971,000 from the initial estimate of
963,000.
Meanwhile, the
four-week moving average of claims fell to 1,175,750 from an upwardly revised
1,254,750 in the previous week.
Continuing
claims decreased to 14,844,000 million from a downwardly revised 15,480,000 in
the previous week.