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.
“There are clear signs that the longer-term damage is beginning to mount, with permanent layoffs beginning to climb, and the flow of workers from employment to unemployment still elevated,” Michael Pearce, senior U.S. economist at Capital Economics, said in a note. “Moreover, absent a vaccine, the need for ongoing physical distancing will prevent a full recovery.”
