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U.S. weekly jobless claims jump back above 1 million – CNBC

 

KEY POINTS

 

  • The Labor Department said initial jobless claims for the week ending Aug. 15 came in at 1.106 million.
  • Economists polled by Dow Jones expected a total of 923,000.
  • “The modest jump is a stark reminder that claims will likely encounter some turbulence as they fall rather than gliding in for a soft landing,” said Daniel Zhao, senior economist at Glassdoor.

The number of people filing for unemployment benefits last week was greater than expected, raising concern about the state of the economy as lawmakers struggle to move forward on a new pandemic stimulus package.

The Labor Department said Thursday that initial jobless claims for the week ended Aug. 15 came in at 1.106 million. Economists polled by Dow Jones expected a total of 923,000. Initial claims for the previous week were also revised higher by 8,000 to 971,000. Last week marked the first time in 21 weeks that initial claims came in below 1 million.

“The modest jump is a stark reminder that claims will likely encounter some turbulence as they fall rather than gliding in for a soft landing,” said Daniel Zhao, senior economist at Glassdoor. Read More…