U.S. Weekly Jobless Claims Unexpectedly Climb To 419,000
22 July 2021 - 7:08PM
RTTF2
A report released by the Labor Department on Thursday showed an
unexpected increase in first-time claims for U.S. unemployment
benefits in the week ended July 17th.
The Labor Department said initial jobless claims climbed to
419,000, an increase of 51,000 from the previous week's revised
level of 368,000.
The rebound surprised economists, who had expected jobless
claims to edge down to 350,000 from the 360,000 originally reported
for the previous week.
"While we expect labor market conditions to improve over the
rest of 2021, the bump up in claims is a reminder that progress
won't follow a straight line," said Nancy Vanden Houten, Lead
Economist at Oxford Economics.
The report showed the less volatile four-week moving average
also crept up to 385,250, an increase of 750 from the previous
week's revised average of 384,500.
Meanwhile, the Labor Department said continuing claims, a
reading on the number of people receiving ongoing unemployment
assistance, fell by 29,000 to 3.236 million in the week ended July
10th.
With the decrease, continuing claims dropped to their lowest
level since hitting 3.094 million in the week ended March 21,
2020.
The four-week moving average of continuing claims also slid to a
more than one-year low, falling by 44,000 to 3.338 million from the
previous week's revised average of 3.382 million.
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