US weekly jobless claims rise to 1.4 mn as $600 benefit is set to expire

Weakening of the labour market has raised fears the economy will shed jobs again in July, after sharp hiring gains in May and June

The US got another dose of bad economic news Thursday as the number of laid-off workers seeking jobless benefits rose last week for the first time since late March, intensifying concerns the resurgent coronavirus is stalling or even reversing the economic recovery.

And an extra $600 in weekly unemployment benefits, provided by the federal government on top of whatever assistance states provide, is set to expire at the end of the week.

It is the last major source of economic help from the $2 trillion relief package that Congress approved in March.

A small business lending program and one-time $1,200 payment have largely