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.
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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