Unemployment benefits claims unexpectedly rose last week
New York (CNN Business)Claims for US jobless benefits unexpectedly jumped last week offering the latest reminder that the American economy — and the labor market — are not yet back to normal.
Weekly jobless claims stood at 419,000, adjusted for seasonal swings, according to the Labor Department, climbing by more than 50,000 and exceeding economists' expectations.
The disappointing figure is the highest claims level since mid-May. Last week was also the survey week for the government's jobs report, making the timing of the data disappointment even more notable.
Stripping out the seasonal adjustments, the increase from the prior week is smaller — but it's still an uptick.
Claims filed under the Pandemic Unemployment Assistance program, which was created by Congress to combat the Covid-19 mass joblessness, rose by nearly 14,000 counts to 110,257 without seasonal adjustments.
Adding all first-time claims together, they stood at 516,000 last week without seasonal adjustments.
Andrew Stettner, senior fellow at The Century Foundation, noted that initial claims have "plateaued around 500,000 per week," adding that the Covid-19 "Delta variant threatens the labor market recovery as …
More on: www.cnn.com