ICYMI: U.S. weekly jobless claims total 419,000 vs. 350,000 estimate.
Weekly jobless claims unexpected moved higher last week despite hopes that the U.S. labor market is poised for a strong recovery heading into the fall.
On the positive side, continuing claims, which run a week behind the headline number, declined by 29,000 to 3.24 million, a fresh pandemic low. The total was last lower on March 14, 2020, just after the Covid-19 pandemic declaration and as governments across the U.S. ordered businesses to close, sending more than 22 million to the unemployment line.
Last week's surprise increase in claims comes as fears grow over the relatively new delta variant of the coronavirus. Case counts and hospitalizations are rising, primarily among unvaccinated parts of the population, raising the specter that another wave of the disease is hitting the U.S. and the world.
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