Weekly Jobless Claims Unexpectedly Surge to Highest Level in Months

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A little more than a week after one federal update said inflation is starting to nip at Americans’ paychecks in President Joe Biden’s economy, a new federal report said far more Americans are out of a job than anyone expected.

During the week that ended July 17, 419,000 people filed their initial claims for unemployment insurance, according to CNBC.

Claims increased about 51,000 from the previous period, and were almost 70,000 above the level that experts had projected.