U.S. weekly jobless claims rise again, total 1.434 million

U.S. weekly jobless claims rise again, total 1.434 million 1The number of Americans who filed new claims for unemployment benefits last week totaled 1.434 million, the Labor Department reported Thursday, roughly in line with expectations, as the coronavirus pandemic continues to ravage the U.S. economy. It was the 19th straight week in which initial claims totaled at least 1 million and the second consecutive week in which initial claims rose after declining for 15 straight weeks.

Economists polled by Dow Jones had expected claims to rise to 1.45 million for the week ending July 25.

In a separate report, the government said second-quarter gross domestic product plunged a historic 32.9% on an annualized basis. Although it wasn’t as bad as the expected  34.7% decline, it was the worst drop ever, with the closest previously coming in mid-1921.

Source: U.S. weekly jobless claims rise again, total 1.434 million