From the Washington Post:
"The number of new unemployment insurance claims rose again last week — the second week in a row after months of declines — a concerning sign that the pandemic is exerting new pressure on the labor market.
"About 1.43 million people filed claims last week, up by about 12,000 from the previous week’s jobless claims, which was also revised upward, according to the Department of Labor.
"The number of workers continually claiming unemployment insurance also rose, by about 867,000 workers to 17 million for the week ending July 18, up from 16.1 million for the week ending July 11. That statistic lags by a week."
At the same time, the Post writes, "The U.S. economy shrank 9.5 percent from April through June, the largest quarterly decline since the government began publishing data 70 years ago, and the latest, sobering reflection of the pandemic’s economic devastation.
"The second quarter report on gross domestic product covers some of the economy’s worst weeks in living memory, when commercial activity ground to a halt, millions of Americans lost their jobs and the nation went into lockdown. Yet economists say the data should also serve as a cautionary tale for what’s at stake if the recovery slips away, especially as rising coronavirus cases in some states have forced businesses to close once again.
"GDP shrank at an annual rate of32.9 percent, according to the Bureau of Economic Analysis, the agency that publishes the statistics on quarterly economic activity. While it usually stresses the annualized rate, that figure is less useful this quarter because the economy is unlikely to experience another collapse like it did in the second quarter."