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Weekly jobless claims stood at 419,000, adjusted for seasonal swings, according to the Labor Department, climbing by more than 50,000 and exceeding economists’ expectations.
Stripping out the seasonal adjustments, the increase from the prior week is smaller — but it’s still an uptick.
Claims filed under the Pandemic Unemployment Assistance program, which was created by Congress to combat the Covid-19 mass joblessness, rose by nearly 14,000 counts to 110,257 without seasonal adjustments.
Continued jobless claims, which count people who have applied for benefits for at least two weeks in a row, inched down to 3.2 million from 3.3 million in the week ended July 10.
Stock futures fell a bit on the surprising report. Dow futures were down 40 points, or 0.1%. S&P 500 futures dropped 0.1%, while Nasdaq futures were flat.
This is a developing story. It will be updated