Jobless claims increase for the second week in a row; 1,434,000 new claims filed

The coronavirus pandemic continues to weigh on the labor market with some 20 million people out of work. Filings for new jobless claims had been trending downward since March, but they rose for the first time in months in mid-July, reflecting some of the new closures as states and cities respond to surging caseloads, as well as expiring stimulus programs. The numbers come as enhanced unemployment benefits are set to expire Friday, if Congress does not extend them.