Initial jobless claims rose by 1.427 million last week.
Economists polled by Dow Jones had expected it to rise 1.38 million.People line up outside Kentucky Career Center prior to its opening to find assistance with their unemployment claims in Frankfort, Kentucky, U.S. June 18, 2020.The number of Americans filing for unemployment benefits for the first time rose more than expected last week as a resurgent coronavirus added pressure to the U.S. economy.
The Labor Department said Thursday that initial jobless claims rose by 1.427 million. Economists polled by Dow Jones had expected a rise of 1.38 million for the week ending June 27., but that survey was taken in the middle of the month and likely doesn't reflect the reopening pauses and rollbacks of some states recently. Stock futures jumped as investors chose to focus on the much better than expected monthly report.
Initial claims in Oklahoma dropped by more than 41,000 last week while Maryland and New Jersey saw declines of more than 5,900. The data also showed the number of continuing claims — the number of people receiving unemployment benefits for consecutive weeks — rose to 19.29 million, an increase of about 59,000.
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