Here’s what you need to know.
All told, new unemployment claims have exceeded 1 million for 19 consecutive weeks, with well over 50 million now out of the workforce. Here were the main results from the report, compared to consensus estimates compiled by Bloomberg:
- Initial jobless claims, week ended July 25: 1.434 million vs. 1.445 million expected and 1.416 million during the prior week
- Continuing unemployment claims week ended July 18: 17.01 million vs 16.2 million expected, 16.197 million during the prior week
Combined with second quarter gross domestic product data that was the worst on record, the latest jobless claims underscored the COVID-19 crisis’ unrelenting effect on a U.S. recovery that is spluttering, as new diagnoses throttle the economy.