U.S. weekly jobless claims total 1.186 million, lowest level of the coronavirus pandemic - CNBC

Weekly jobless claims hit their lowest level of the pandemic area, totaling 1.186 million last week, well below Wall Street expectations.

Continuing claims, or those who have collected benefits for two straight weeks, dropped by 844,000 to 16.1 million.

"Further complicating the picture, the expiration of extended unemployment insurance benefits on July 31 may be clouding the signal from the claims data.".

But the damage to the labor remains deep and this was the 20th consecutive week that claims have run above 1 million.

The total of those claiming benefits, which lags the current data by two weeks, rose to 32.1 million as of July 18, an increase of 1.3 million from the previous week. .

Pandemic Unemployment Assistance recipients declined to 655,707, a fall of 253,093 from the previous week as the program expired July 31?

The past week's improved showing from claims will not be reflected in the July count as it falls outside the Bureau of Labor Statistics' sample week.