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US initial jobless claims surge 1.427m

US initial jobless claims surge 1.427m

Mubasher: The initial unemployment claims in the US increased for the first time more than expected by 1.427 million in the week ending on 27 June, CNBC reported citing data by the US Labor Department.

Economists polled by Dow Jones forecast that the claims would register a 1.38 million rise in the week ending on 27 June.

The last week marks the15th straight week in which the US initial jobless claims registered above 1 million, reflecting the pressure imposed by the coronavirus (COVID-19) pandemic on the US economy.

The state of Indiana witnessed a surge in the number of Americans requesting unemployment benefits by 24,033, while the initials claims in Virginia and Washington climbed by 7,769 and 8,110 each.

On the other hand, the initial claims in Oklahoma saw an over 41,000 decrease last week, and Maryland and New Jersey both saw a drop of over 5,900.

Meanwhile, the number of people receiving unemployment benefits for consecutive weeks jumped by nearly 59,000 to 19.29 million.