Weekly Jobless Claims Rise to 419,000
Headline Roundup July 22nd, 2021
Jobless claims rose to 419,000 last week, higher than the 350,000 Dow Jones estimate for initial filings.
The increase in claims comes as some public health restrictions return amid the spread of the COVID-19 Delta variant. Meanwhile, businesses work aggressively to fill positions as enhanced unemployment benefits end in about 24 states.
U.S. stock indexes were set for a subdued open on Thursday after data showed an unexpected rise in weekly jobless claims, while a steady flow of positive earnings reports offered markets some support.
The Labor Department’s report showed the number of Americans filing new claims for unemployment benefits increased by 51,000 to a seasonally adjusted 419,000 for the week ended July 17. Still, the number likely does not suggest a material shift in labor market conditions, with another month of strong job growth expected in July.
Investors have been closely...
The jobs market’s progress appeared to stall last week.
New claims for unemployment benefits soared by 51,000 to 419,000 for the week ended July 17, the Department of Labor said Thursday.
Economists had forecast 350,000 new claims, a decline of 10,000 from the previous week’s initial estimate of 360,000. That estimate was revised up to 368,000.
The four-week moving average, which smoothes out week-to-week volatility and is considered by many to be a more reliable gauge of the health of the labor market, rose by 750 to 385,250.
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....