Initial jobless claims unexpectedly rise off pandemic lows
373,000 Americans filed for first-time jobless benefits
850,000 jobs added in June but labor shortages persist
The Chateau on the Lake owner Edward 'Buddy' Foy, Jr. discusses the challenges of finding employees
The number of Americans filing for first-time unemployment benefits last week unexpectedly rose off the lowest levels since the outbreak of the COVID-19 pandemic.
Data released Thursday by the Labor Department showed 373,000 Americans filed for first-time jobless benefits in the week ended July 3, up from an upwardly revised 371,000 filings the week prior. Analysts surveyed by Refinitiv expected a decline to 350,000 filings.
PACE OF WORKERS QUITTING FALLS FROM RECORD HIGH
Despite last week's small increase the number of initial jobless claims have been more than halved this year after reaching a peak of 904,000 in January. Almost 6 million people filed jobless claims in late March 2020 as lockdowns were put in place to slow the spread of COVID-19.
The number of jobless claims is expected to fall further in the weeks ahead as 26 states have already ended or announced the end of the $300 per week in supplemental benefits. The benefits will run out for the remaining states in September.
Continuing claims for the week ended June 26, meanwhile, fell to 3.339 million filings from the previous week’s upwardly revised 3.484 million. Analysts were expecting a decline to 3.335 million filings.
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The decline in continuing claims comes after the Labor Department's Job Openings and Labor Turnover report released Wednesday showed there were 9.2 million job openings, holding near a record high.
The June jobs report last week showed nonfarm payrolls grew by 850,000 workers last month as the unemployment rate ticked up to 5.9%.