- U.S. weekly jobless claims total 419,000
Market news
U.S. weekly jobless claims total 419,000
The
data from the Labor Department showed on Thursday the number of applications
for unemployment unexpectedly increased last week.
According to the report, the initial claims for unemployment benefits rose by 51,000 to 419,000 for the week ended July 17. This was the highest reading since the week ended May 15.
Economists
had expected 350,000 new claims last week.
Claims for the prior week
were revised upwardly to 368,000 from the initial estimate of 360,000.
Meanwhile,
the four-week moving average of jobless claims climbed to 385,250 from an
upwardly unrevised 384,500 in the previous week.
As
for continuing claims, they dropped to 3,236,000 from an upwardly revised 3,265,000
in the previous week. This was the lowest reading since March 2020.
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