Unemployment benefit claims rise unexpectedly

(CNN) — Applications for unemployment benefits in the United States unexpectedly spiked last week, offering the latest reminder that the US economy, and the job market, have yet to return to normal.

Weekly claims for unemployment benefits stood at 419,000, adjusted for seasonal variations, according to the work Department, increasing by more than 50,000 and exceeding the expectations of economists.

If seasonal adjustments are excluded, the increase from the previous week is smaller, but still a rebound.

Nearly 10 million Americans are still out of work 3:23

Applications submitted under the Pandemic Unemployment Assistance program, which was created by Congress to combat mass unemployment from COVID-19, increased by nearly 14,000 and the total stood at 110,257 with no seasonal adjustments.

Ongoing claims for unemployment benefits, which count people who have applied for assistance for at least two weeks in a row, fell to 3.2 million from 3.3 million in the week ending July 10.

Stock futures fell a bit on the surprising report. Dow futures fell 40 points, or 0.1%. S&P 500 futures fell 0.1%, while Nasdaq futures were unchanged.

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