- Weekly jobless claims totaled 419,000 for the week ended July 17, above the 350,000 estimate.
- The total represented a gain from the previous week’s 368,000.
- Continuing claims declined by 29,000 to 3.24 million for another pandemic-era low.
Weekly jobless claims unexpected moved higher last week despite hopes that the U.S. labor market is poised for a strong recovery heading into the fall.
Initial filings for unemployment insurance totaled 419,000 for the week ended July 17, well above the 350,000 Dow Jones estimate and more than the upwardly revised 368,000 from the previous period, the Labor Department reported Thursday.