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Livesquawk - US Jobless Claims Rise For Second Consecutive Week
US Jobless Claims Rise For Second Consecutive Week

Claims came in below the consensus estimate of 1.445mln and rose from the prior 1.422mln, hitting a five-week high. This previous week was revised higher by 6k from 1.416mln. The four-week moving average increased to 1.368.5mln, a rise of 6.5k from the previous week. This is the second consecutive week claims have risen, and there are now 54.07mln workers who have filed first-time unemployment claims since the start of the pandemic.


Continuing claims ticked up by 818k from last week, above the expected 16.2mln. The prior reading was revised lower, from 16.2mln to 16.151mln, and the four-week average now stands at 17.058mln versus the prior 17.493mln.


The Labour Department’s insured unemployment rate, an alternative measure of joblessness, fell from the previous week’s print of 11.8pct. This counts the number of people actively collecting benefits compared with the total size of the labour force.


Oxford Economics’ Nancy Vanden Houten said, “Factoring in individuals receiving emergency federal benefits provided by the CARES Act – either PUA or PEUC benefits – there were 30.2mln individuals claiming UI benefits in the week ended July 11, down from 31.8mln the prior week. If we adjust for likely double counting in the PUA program, an estimated record 29.6mln individuals were receiving benefits in the week ended July 11.”