US jobless claims unexpectedly increase to more than 1 million

WASHINGTON - Applications for US unemployment benefits unexpectedly increased last week, a stumble for the labour market in its long road to recovery.

S&P 500 Index futures fell, while the yield on the 10-year Treasury note remained lower after the data. The dollar weakened. The impact is particularly prominent in the consumer-facing industries such as restaurants, travel and leisure. Sustained weekly increases in claims would raise concern that the job market is in danger of unraveling after recent progress.

On an unadjusted basis, initial claims rose to 891,510 from 838,734 as New Jersey, New York and Texas reported sizable increases from the previous week.

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