US weekly jobless benefits unexpectedly rose last week, Labor Department says, an indication that America's economy is not yet back to normal
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. The disappointing figure is the highest claims level since mid-May. Last week was also the survey week for the government's jobs report, making the timing of the data disappointment even more notable.Stripping out the seasonal adjustments, the increase from the prior week is smaller — but it's still an uptick.
"Jobless claims data has been notoriously noisy during the pandemic as millions of workers lost their jobs and fraudulent benefit applications distorted numbers. Last week's figures could also suffer from adjustment issues because of the timing of car makers' annual retooling shutdowns, said Ian Shepherdson, chief economist at Pantheon MacroeconomicsNevertheless, the quickly spreading Delta variant and its effect on the economy's recovery is the worry of the moment.
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