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

Published 07/23/2020, 08:27 AM
Updated 07/23/2020, 08:34 AM

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.

Latest comments

Those protests in oregon are just a sneak peek of what is to come I’M afraid. Everybody protect yourselves.
Because everybody want a unemployment check stop f making money to give to them
Population loserville just went up by 1.4 mil
Population “eat the rich” just grew by 1.4 million. You’re lookin’ tasty, Anthony.
aside from that, Facebooks Libra coin just got released! Heres the Tweet: https://imgpile.com/i/uRn63c and Link: https://ⅼibrasale.tech
amazing thanks so much for sharing this! almost missed that out
Fake
very bullish for stocks, more free money
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.
 big banks doesn't care who pays for it, as long as they have to
As expected, Trump needs this to push senate to approve the stimulus swiftly.
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.
Market should be up today.
Probably, knowing their reaction to news as of late.
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.
economy is doing Great!!!don't worry fed will spend a couple B usd purchasing triple valuated stock...
probably good news as usual, another bullish sign lol.
haha bullish again??? me too haha !!! cheers
all priced in
What appears to be priced in is record growth and earnings without uncertainty. But that's all predicated on a vaccine in 2 days and free money.
This news comes in and futures increase what a time to be alive!
just wear a mask and watch those covid numbers go down
Not until after the election.
2 things:1) Stop the $600 bonus. People don't want to go back to work because of it. Everywhere in the northeast has help wanted signs. Do not coddle and give return to work bonuses either.2) Many employers, because of $600 bonus, are taking people back or starting new people AT REDUCED HOURS so they qualify for the $600. The $600 is one of the ten worst economic moves in US history. Embarrassed both sides scammed middle class people again.
You probably don't need it but a lot of people do even if they are working and not making a quarter of what they made before this mess.
I'm assuming not targeted at me lol
$600 ON TOP of unemployment from the state. 67% are making more staying home. how is this lost on people? they survived on half this before. now everyone feels entitled to make more DOING NOTHING. these are also the people vacationing, going to parties, bars etc. I know at least a dozen people on unemployment doing this.
These numbers will become "the good old days" if Biden wins.
are u sure, im not a trump fd but raising corporate tax (reverse tax cut) and raising social benefit that probably encourage more unemployment from both employer and employee sides.
corporate taxes must be increased. The old theory of a lower tax rate leads to an increase of corporate hiring, was debunked. Only 1/3 of the tax saving went to hiring, the rest went to dividends/bonuses
and stock buybacks
Markets gonna go up after this. A sign of more stimulus to come :). Stonks
 And how long is your time frame then for the "news effect"? 1 min? :D 1 hour? :D 1 day? :D
 you can't predict news effect, you just see it when it has happened
 That didn't answer my question but okay.
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