The economy is facing a long road to revovery.
Weekly jobless claims in the United States remained abnormally high for the 13th week in a row, with 1.5 million new claims filed during the week ending June 13—even though claims have fallen dramatically from their peak in March, when 6.9 million people filed in just one week, this week’s data underscores that the economy will not bounce back quickly after the coronavirus pandemic is over....
The 1.5 million claims last week were slightly higher than the 1.3 million economists were expecting.“People will say claims are coming down, but for an economy that is reopening, that is a huge number,” Steven Blitz, chief U.S. economist at TS Lombard,. “The economy is losing workers and employment beyond the initial impact tied to businesses that shut down. There are a lot of industries that are getting hurt and that’s starting to cascade down, that is what those numbers are showing.
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