Weekly jobless claims in the United States stand at 1.416 million, against 1.3 million expected


The number of Americans who applied for unemployment benefits rose more than expected last week as the coronavirus pandemic continues to hit the US economy.The labor department said Thursday that the first jobless claims were 1.416 million for the week ending July 18.

This marks the 18th week in a row in which initial claims have totaled over one million. Thursday’s report also features a 15-week streak of declining initial claims.

California recorded the highest number of initial claims filed last week at 292,673, according to the Department of Labor report. Florida and Georgia also reported more than 100,000 claims last week.Last week’s apparent lockdown in the labor market comes as coronavirus cases in the United States rise at a record rate. Data compiled by Johns Hopkins University showed the total number of confirmed cases in the country to be around 4 million. Coronavirus-related deaths in the United States also stand at more than 140,000.

The data also comes as an additional unemployment benefit of $ 600 per week is set to expire later this month. Sources told CNBC on Wednesday that Republicans plan to extend the benefit at a reduced rate of $ 100 per week through December.

Treasury Secretary Steven Mnuchin told CNBC’s “Squawk Box” Thursday that an extension of unemployment benefits would be based on “about 70% wage replacement.”

Granted, continuing claims – which refer to those receiving benefits for at least two consecutive weeks – fell from 1.107 million to 16.197 million for the week ending July 11.

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