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Initial jobless claims in the United States rose to over 1.1 million for the week ending August 15 after falling below the million mark a week earlier, pointing to a more difficult-than-expected economic recovery.
Last week’s jobless claims report was the first to drop below 1 million after 20 weeks above that unprecedented level. Economists expected that figure to drop from around 963,000 to around 923,000.
Unadjusted data, which some economists say is more relevant in times of extreme unemployment, shows an increase of 6.3%, reaching more than 891,000, according to the Labor Department.
“This modest increase is a stark reminder that jobless claims are likely to experience some turbulence when they fall rather than slide to a soft landing,” said Glassdoor chief economist Daniel Zhao.
The report found that just over 28 million people were still claiming unemployment benefits as of August 1, down 198,000 from the previous week.
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