Weekly jobless claims rise by more than 1 million for the 17th straight week.
Initial weekly jobless claims came in at 1.3 million for the week ending July 11, the Labor Department said Thursday. Economists polled by Dow Jones expected 1.25 million.
Continuing claims — which refer to those receiving benefits for at least two straight weeks — totaled 17.33 million for the week of July 4, the department said in Thursday's report. That reflects a drop of 422,000 from the previous report."There are clear signs that the longer-term damage is beginning to mount, with permanent layoffs beginning to climb, and the flow of workers from employment to unemployment still elevated," Michael Pearce, senior U.S.
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