Washington, July 10 (SocialNews.XYZ) The number of initial jobless claims in the U.S. totaled 1.3 million last week, the 13th weekly decline in a row but still a historic high, the Labor Department said in a report.
Applications for unemployment benefits in the USA declined last week by more than projected, easing concerns of a renewed downturn in the labor market after several large states reported a pickup in coronavirus cases. And continuing claims remain above 18 million.
US stock futures and Treasury yields were little changed following the report.
The reversal in policy has led a cohort of rehired workers to find themselves out of work once again. It's the 16th week in a row that jobless claims came in above 1 million; before the pandemic, the record high was 695,000 set in 1982. Statewide, initial claims were down 11 percent last week from the prior week. That figure surpasses all initial claims filed from mid-September 2014 to mid-March 2020.
For the filing week ending on July 4, the adjusted number of initial claims was 31,825, which was a decrease of 130 from the previous week. Arizona was little changed, while Texas initial claims rose by about 21,000.
The Virginia Employment Commission (VEC) announced the latest data regarding unemployment benefits claims throughout the commonwealth today.
More than 1.3 million Americans filed for unemployment benefits last week, showing that many workers are still losing their jobs even as the labor market starts its nascent recovery from the coronavirus pandemic and related lockdown.
The new report also showed that the four-week moving average, a method to iron out data volatility, decreased by 63,000 to reach 1.4 million.