The number of Americans seeking unemployment benefits fell last week, but remained significantly high, suggesting the labor market was stalling as the country battles a resurgence in new COVID-19 cases that is threatening a budding economic recovery.
Initial claims for state unemployment benefits totaled a seasonally adjusted 1.186 million for the week ended Aug. 1, compared to 1.435 million in the prior week, the Labor Department said on Thursday. Economists polled by Reuters had forecast 1.415 million applications in the latest week.
Reports this week showed a sharp step-down in private payrolls in July. Measures of employment at manufacturing and services industries contracted further last month. Thursday's claims report also showed the number of people receiving benefits after an initial week of aid totaled 16.107 million in the week ending July 25, from 16.951 million in the prior week.
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