Surprise Gain in Jobless Claims Shows U.S. Labor Market Churn
Posted on AllSides July 22nd, 2021
From The Left
Applications for U.S. state unemployment insurance rose unexpectedly last week by the most since late March, underscoring week-to-week volatility in an otherwise improving labor market.
Initial jobless claims in regular state programs totaled 419,000 in the week ended July 17, up 51,000 from the prior week, Labor Department data showed Thursday. The median estimate in a Bloomberg survey of economists called for 350,000 new applications.
Continuing claims for state benefits fell to 3.24 million in the week ended July 10.
Stock futures erased gains and Treasuries advanced following the data....
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