US un­em­ploy­ment claims rise above 1m

The Daily Telegraph - Business - - Business - By LaToya Hard­ing

THE num­ber of laid-off work­ers seek­ing un­em­ploy­ment ben­e­fits in the US rose un­ex­pect­edly by 135,000 in the week ended Aug 15, lift­ing the to­tal to back above one mil­lion.

Al­though the mov­ing av­er­age con­tin­ues to de­scend, the rise to 1.1 mil­lion was higher than economists’ ex­pec­ta­tions of 925,000, height­en­ing con­cerns about the out­look for the world’s big­gest econ­omy.

The num­ber of job­less claims had fallen in pre­vi­ous two weeks, dip­ping most re­cently below one mil­lion to 971,000 for the first time since March.

The con­tin­u­ing claims met­ric cooled to 14.8m from 15.5m, be­neath the 15m ex­pected, the Labour Depart­ment said. Con­tin­u­ing claims, which hit a peak of 24.9m in May, equalled 10.2pc of the work­force, down from 10.6pc. Richard Flynn, UK man­ag­ing direc­tor at Charles Sch­wab, said: “To­day’s rise in ini­tial job­less will dis­ap­point the mar­ket, es­pe­cially fol­low­ing last week’s promis­ing data. While hard-hit in­dus­tries brought work­ers back in July, the level of weak­ness re­mains un­prece­dented, and the im­pact of virus-re­lated rolling shut­downs could con­tinue to re­verse some of that im­prove­ment.”

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