Weekly jobless claims rise by more than 1 million for 17th straight week

ECONOMY

Weekly jobless claims rise by more than 1 million for 17th straight week

PUBLISHED THU, JUL 16 20208:30 AM EDTUPDATED MOMENTS AGOFred Imbert@FOIMBERTKEY POINTS

  • Initial weekly jobless claims came in at 1.3 million for the week ending July 11.
  • Economists polled by Dow Jones expected a print of 1.25 million. 
  • It was also the 17th straight week in which initial claims totaled at least 1 million.

VIDEO01:57US weekly jobless claims total 1.3 million, vs 1.25 million

The number of Americans who filed for unemployment benefits rose more than expected last week as the country continues to grapple with the economic impacts of the coronavirus pandemic. 

Initial weekly jobless claims came in at 1.3 million for the week ending July 11, the Labor Department said Thursday. Economists polled by Dow Jones expected 1.25 million.  

It was also the 17th straight week in which initial claims totaled at least 1 million. Initial claims have risen by more than 51 million since late March, when it peaked at 6.867 million. Last week also marked the 15th straight weekly decline in initial claims. 

Continuing claims — which refer to those receiving benefits for at least two straight weeks — totaled 17.33 million for the week of July 4, the department said in Thursday’s report. That reflects a drop of 422,000 from the previous week. 

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