US weekly jobless claims edge down to 1.19 million
WASHINGTON: The number of Americans seeking unemployment benefits fell last week, but remained significantly high, suggesting the labour market was stalling as the country battles a resurgence in new COVID-19 cases that is threatening a budding economic recovery.
Initial claims for state unemployment benefits totalled a seasonally adjusted 1.186 million for the week ended Aug 1, compared to 1.435 million in the prior week, the Labor Department said on Thursday. Economists polled by Reuters had forecast 1.415 million applications in the latest week.
Coronavirus cases soared across the country last month, forcing authorities in some of the hard-hit areas in the West and South to either shut down businesses again or pause reopenings, sending workers back home again. Though infections ha...