ECONOMY U.S. weekly jobless claims total 1 million, as expected

The number of Americans who filed for unemployment benefits for the first time came in above 1 million for a second consecutive week as the economy tries to recover from the coronavirus pandemic, the Labor Department said Thursday.

Initial U.S. jobless claims totaled just over 1 million for the week ending Aug. 22. Economists polled by Dow Jones expected initial jobless claims, down from 1.104 million in the previous week.

Last week marked the 22nd time in 23 weeks that initial claims were above 1 million.

Thursday’s report follows a mixed batch of economic data. Durable goods orders for July surged by 11.2% last month while sales of new homes were up 36% last month. However, consumer confidence fell in August for a second straight month.

Wall Street is also keeping an eye on the unemployment data as lawmakers have yet to move forward on a new coronavirus stimulus package.