U.S. jobless claims dropped below 2 million last week
) have announced layoffs, while some big retailers like JC Penney and high-end chain Neiman Marcus have filed for bankruptcy. States and local governments, whose budgets have been decimated by the COVID-19 fight, are also cutting jobs.
The unemployment rate is forecast to rocket to 19.8%, a post-World War Two record, from 14.7% in April. The weekly jobless claims report, the most timely data on the economy’s health, could become difficult to parse in the weeks ahead. Initial claims are recorded when a person submits a first application for unemployment benefits. Once approved, they become continuing claims and are reported with a one-week lag.
The government also extended regular state jobless benefits by another 13 weeks under a program called Pandemic Emergency Unemployment Compensation . Roughly 30 states are now reporting PUA claims on a weekly basis, but PEUC figures are reported with a two-week lag.
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U.S. new weekly jobless claims seen falling below 2 millionThe number of Americans filing for unemployment benefits likely dropped below 2 million last week for the first time since mid-March, but remains astonishingly high as companies adjust to an environment that has been significantly changed by COVID-19.
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U.S. new weekly jobless claims drop below 2 millionThe number of Americans filing for unemployment benefits dropped below 2 million last week for the first time since mid-March, but remains astonishingly high as companies adjust to an environment that has been significantly changed by COVID-19.
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US weekly jobless claims total 1.877 million, vs 1.775 million expectedFirst-time claims for unemployment insurance were expected to total 1.775 million last week, according to economists surveyed by Dow Jones.
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New Unemployment Claims Dip Below 2 Million In Sign Pace Of Job Losses May Be EasingThe Labor Department says about 1.9 million people filed for unemployment last week, but there are some signs that people may be returning to their jobs.
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US new weekly jobless claims seen falling below two millionSurveys have also shown consumer confidence, manufacturing and services industries stabilising albeit at low levels in May, indicating the downturn triggered by Covid-19 pandemic was bottoming.
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