People line up outside the Kentucky Career Center before it opens to find assistance with their unemployment claims in Frankfort, Kentucky, USA, June 18, 2020.
Bryan Woolston | Reuters
The number of Americans applying for unemployment benefits for the first time increased more than expected last week as the coronavirus pandemic continues to pressure the US economy.
The Labor Department said Thursday that initial jobless claims increased by $ 1,427 million in the week ending June 27. Economists surveyed by Dow Jones expect initial jobless claims in the United States to increase by another 1.38 million for the week ending June 27.
This marked the fifteenth consecutive week that initial claims remained above 1 million.
“Don’t expect this to drop that much until the generous unemployment benefits expire in their current form on July 31,” Peter Boockvar, chief investment officer at Bleakley Advisory Group, said in a note.
Statewide, Indiana saw an increase of 24,033 initial claims. In Virginia and Washington, claims increased by 7,769 and 8,110, respectively.
Undoubtedly, initial claims in Oklahoma fell by more than 41,000 last week, while Maryland and New Jersey saw declines of more than 5,900.
The data also showed that the number of continuing claims (the number of people receiving unemployment benefits for consecutive weeks) increased to 19.29 million, an increase of approximately 59,000.
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