According to the Labor Department’s weekly report released Thursday, more over 370,000 employees in the United States have filed new jobless claims, which is somewhat higher than most analysts expected.
According to the agency, 373,000 workers submitted first claims last week, a 2,000 rise from the previous week. For the second week in a row, new claims fell below 400,000.
Last week, 364,000 new claims were filed, the fewest since the epidemic began to impact the economy more than a year ago. The data on Thursday also increased that amount by 7,000 claims.
The majority of economists expected that the latest data will reveal about 350,000 claims.
While new unemployment claims remain low for the COVID-19 period, they are substantially higher than the weekly average of roughly 220,000 submitted before to the economic crisis.
According to the government, there are 3.34 million ongoing claims, which are a week behind initial claims.
“Employment is still on a strong upward trajectory,” Gregory Daco, chief U.S. economist at Oxford Economics, told The Wall Street Journal. “Demand for labor is very strong.”
Thursday’s report is the first since the department issued its June jobs report last week, which showed 850,000 new payrolls were added for the month.