U.S. weekly jobless claims total 1.416 million, vs 1.3 million expected – CNBC

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Treasury Secretary Steven Mnuchin told CNBCs “Squawk Box” on Thursday that an extension in unemployment benefits will be based upon “around 70% wage replacement.”.

Recentlys apparent stalling in the labor market comes as coronavirus cases in the U.S. rise at a record speed. Data compiled by Johns Hopkins University showed the total number of confirmed cases in the nation is nearing 4 million, killing more than 140,000 individuals.

California saw the greatest variety of initial claims filed recently at 292,673, the Labor Departments report showed. Florida and Georgia each reported more than 100,000 claims for last week.

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To be sure, continuing claims– which describe those receiving advantages for a minimum of 2 straight weeks– visited 1.107 million to 16.197 million for the week ending July 11. Data for continuing claims is delayed by one week.

The number of Americans who declared unemployment benefits rose more than expected last week as the coronavirus pandemic inflicted more damage to the U.S. economy.

The Labor Department said Thursday preliminary unemployed claims came in at 1.416 million for the week ending July 18. Economists surveyed by Dow Jones anticipated 1.3 million.

It was the 18th straight week in which preliminary claims totaled more than 1 million, and it snapped a 15-week streak of declining initial claims.

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The data likewise comes as an additional $600-per-week unemployment benefit is set to expire at the end of next week. Sources told CNBC on Wednesday that Republicans were thinking about extending this advantage at a reduced $100-per-week rate through December.