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Jobless claims, Total unemployment level worse than expected


Weekly jobless claims totaled 1.877 million last week vs. the Dow Jones estimate of 1.775 million.


Continuing claims rose sharply, hitting nearly 21.5 million in a sign that workers are being called back to work slowly. 


Filings for unemployment insurance claims totaled 1.877 million last week in a sign that the worst is over for the coronavirus-related jobs crisis but that the level of unemployment remains stubbornly high.


Economists surveyed by Dow Jones had been looking for 1.775 million new claims. The Labor Department’s total nevertheless represented a decline from the previous week’s upwardly revised total of 2.126 million. Filings under the Pandemic Unemployment Assistance program totaled 623,073.


“Even as states reopen, claims in the millions are an indicator that the economic pain of the COVID-19 crisis is still acute,” said Daniel Zhao, senior economist at job placement site Glassdoor.



CNBC - Jeff Cox


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