U.S. weekly jobless claims unexpectedly rise to 373,000, as job growth slows

The Labor Department published Thursday that beginning unemployment insurance filings unexpectedly increased last week, indicating that the fast job creation observed in the first half of 2021 may meet challenges in the months ahead.

For the week ending July 3, first-time unemployment claims reached 373,000, compared to the Dow Jones projection of 350,000. The prior week’s level of 364,000 was revised up to 371,000.

The level of continuing claims, which is a gauge of ongoing benefits, fell to 3.34 million, up 145,000 from the revised level from the previous week.

The unemployment numbers data was collected only a week after the government released its highly anticipated June 2021 employment report, the most recent in a series of daily news on the broader labour market in the United States.

Even though nonfarm firms added many better-than-expected 850,000 jobs last month, the unemployment rate in the United States increased to 5.9%, compared to the 5.6 per cent expectation.

According to two-week-ahead figures, the overall number of people getting benefits from all programs declined 449,642 to 14.2 million.

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