The 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.
) 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.
These workers do not qualify for the regular state unemployment insurance and must file under the Pandemic Unemployment Assistance program. Moreover, neither PUA nor PEUC are included in the initial claims and continuing claims figures, which economists say grossly understates the tragedy caused by COVID-19.
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