Weekly jobless claims exceed 1.4 million, first increase since March

This marks the 18th week in a row that more than 1 million Americans filed for jobless benefits

Published: July 23, 2020 8:25am

Updated: July 23, 2020 10:49am

More than 1.4 million Americans last week filed first-time unemployment benefits, marking a weekly increase in such claims for the first time since the coronavirus hit the U.S. in March.

The Labor Department report Thursday also states that roughly 32 million people in the U.S. are receiving unemployment benefits.

Last week's jobless number also marks the 18th straight week of first-time claims exceeding more than 1 million.

Also on Thursday, Treasury Secretary Steve Mnuchin said that the Republican coronavirus relief plan will extend enhanced unemployment benefits "based on approximately 70% wage replacement."

Republicans are aiming to create a package that will pass the House and Senate and reach the American people as soon as possible.

GOP leadership want the package to cost approximately $1 trillion, while Democratic Speaker of the House Nancy Pelosi says that level of spending will be insufficient to address the problems created by the coronavirus pandemic.