2.1 million people filed for unemployment benefits last week, bringing the ten-week total to more than 40 million claims by theothersarahh
2.1 million people filed for unemployment benefits in the week ending May 23, bringing the ten-week total to more than 40 million claims; even though the pace of job losses is slowing from week to week, it will likely take years for the labor market to fully recover after the coronavirus crisis.... [+]Economists were expecting about 2.1 million claims, down from 2.4 million the prior week and 3 million the week before that.
Weekly claims have declined steadily since March , but the numbers remain astronomically high—prior to the coronavirus crisis, the previous weekly claims record was just under 700,000 in 1982. “I think we’ve hit the bottom, as far as layoffs,” Marianne Wanamaker, a labor economist at the University of Tennessee, told theyesterday that despite gradual reopenings across the country, most businesses are pessimistic about the pace of economic recovery and many are struggling to bring employees back to work.
The central bank cited health concerns among workers, limited childcare options and expanded unemployment benefits during the pandemic as the reasons for the difficulty.
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2.1 million U.S. workers sought jobless aid last weekRoughly 2.1 million people applied for U.S. unemployment benefits last week, a sign that companies are still slashing jobs in the face of a deep recession even as more businesses reopen and rehire some laid-off employees.
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