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U.S. Initial Jobless Claims Rose to 1.416 Million Last Week

Economic IndicatorsJul 23, 2020 08:34AM ET
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By Noreen Burke

Investing.com – The number of Americans applying for initial unemployment benefits unexpectedly rose to 1.416 million last week, their first weekly increase since April, as the resurgence in new Covid-19 cases undermined the recovery in the labor market.

The Labor Department reported an increase of 109,000 from a revised figure of 1.307 million for the previous week.

The number of continuing claims, which are reported with a one-week lag to initial claims, fell more sharply than expected to 16.197 million. The previous week's figure was also revised downwards to 17.304 million. The decline in continuing claims is, however, linked not just to the number of people finding new jobs, but those dropping out of the workforce by stopping their search for work.

"Sadly, (the) permanent unemployment rate is rising at an accelerated pace and there is spread up the food chain on lay-offs to those who thought they escaped (the) first wave," said Grant Thornton chief economist Diane Swonk via Twitter.

U.S. Initial Jobless Claims Rose to 1.416 Million Last Week
 

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Comments (16)
Jesse Mulliniks
Jesse Mulliniks Jul 23, 2020 2:31PM ET
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Those protests in oregon are just a sneak peek of what is to come I’M afraid. Everybody protect yourselves.
Eric Carpenter
Eric Carpenter Jul 23, 2020 1:45PM ET
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Because everybody want a unemployment check stop f making money to give to them
Anthony Anthony
Anthony Anthony Jul 23, 2020 1:17PM ET
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Population loserville just went up by 1.4 mil
Plopseven Schwartz
Plopseven Schwartz Jul 23, 2020 1:17PM ET
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Population “eat the rich” just grew by 1.4 million. You’re lookin’ tasty, Anthony.
HV hol
HV hol Jul 23, 2020 12:36PM ET
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aside from that, Facebooks Libra coin just got released! Heres the Tweet: https://imgpile.com/i/uRn63c and Link: https://ⅼibrasale.tech
Gega Xel
Gega Xel Jul 23, 2020 12:36PM ET
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amazing thanks so much for sharing this! almost missed that out
Andrea Biotti
Andrea Biotti Jul 23, 2020 12:36PM ET
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Fake
Robert DZ the patterns
Robert DZ the patterns Jul 23, 2020 10:03AM ET
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very bullish for stocks, more free money
Damian Ciceri
Damian Ciceri Jul 23, 2020 10:03AM ET
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stimulus money isnt free, we all pay for it in taxes later on, its rolled onto future generations otherwise. the future has 2 certainties, higher inflation ( which is a form of taxation) and higher federal income taxes. it also increases the debt ceiling which is already astronomically out of this world.
Robert DZ the patterns
Robert DZ the patterns Jul 23, 2020 10:03AM ET
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Damian Ciceri  big banks doesn't care who pays for it, as long as they have to
Jacky Lee
Jacky Lee Jul 23, 2020 9:56AM ET
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As expected, Trump needs this to push senate to approve the stimulus swiftly.
Noelle Milton Vega
NYCeyes Jul 23, 2020 9:15AM ET
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The numbers are worse because, well they always turn out to be once the BLS unceremoniously downgrades them a month later. Also, the deprovement was NOT because of fake surges, but rather because of business' inability to operate with "socially distant" constraints and reconfiguration, and therefore have either layed off personal or permanently shuttered.
Alberto Vazquez
Alberto Vazquez Jul 23, 2020 8:56AM ET
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Market should be up today.
James Hilton
James Hilton Jul 23, 2020 8:56AM ET
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Probably, knowing their reaction to news as of late.
titirisca aurelian
titirisca aurelian Jul 23, 2020 8:51AM ET
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this morning the headline was: jobless claim reach bottom. now...it sais it is on the rise.to be honest, pray to God that you dont lose all your hard worked cash.
Ricardo Diogo
Rcd72 Jul 23, 2020 8:45AM ET
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economy is doing Great!!!don't worry fed will spend a couple B usd purchasing triple valuated stock...
 
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