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Another 1.5 Million Americans Filed Unemployment Claims

Another 1.5 Million Americans Filed Unemployment Claims

It didn’t drop, but it also did not go up.

https://www.youtube.com/watch?v=t3GuOc6FSCo

The Labor Department reported that another 1.5 million Americans filed unemployment claims last week. The same amount filed the week before.

The number has gone down since it peaked at the height of the Wuhan coronavirus pandemic.

The report also shows that the worst is possibly over.

But it also shows that people are still losing their jobs:

New jobless claims have eased as states allowed businesses to reopen and employers recalled workers. Others signs of economic growth have emerged, including a May rebound in retail spending. But with the economy having slipped into recession this year, many firms have remained cautious about rehiring, leaving millions of people out of work since the pandemic hit.

Employers added to payrolls in May but only offset about one in 10 jobs lost in April and March. Recent data indicate a higher volume of workers are moving in and out of jobs, said Roiana Reid, an economist at Berenberg Capital Markets.

“You’re going to see elevated levels of layoffs because some businesses will permanently close,” she said. “But hiring and rehiring will outweigh that this summer, especially as you see big cities, such as New York, reopen.”

People need to remember that the government expanded eligibility to self-employed and gig workers due to the pandemic:

The federal government is paying $600 in additional unemployment benefits on top of amounts approved by states, allowing many workers to earn more than they did at their jobs. The extra payment is set to expire at the end of July, though Congress is debating whether to extend them or provide other aid.

The enhanced benefits have attracted some who might not have otherwise applied for aid. Not all initial benefits applications are approved, and it is likely that some Americans have applied more than once since mid-March. Rules for applying in some states have changed, and some workers have been recalled to jobs and subsequently laid off again.

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Comments

SeekingRationalThought | June 18, 2020 at 9:15 am

Errr…..I think it dropped a little didn’t it? At least that’s what was reported a few minutes ago on CNBC.

You know, I wonder how many are working and also collecting unemployment. The Michigan government set up a scam where if every hourly employee is working 36 hours, no more, no less, then you can collect unemployment for 4 hours and still get the $600 federal payoff. My company is currently doing this right now. And I didn’t even have to file for unemployment, it is all taken care of through payroll.

2smartforlibs | June 18, 2020 at 10:34 am

With arguably a 1/3 of the country open and pulling the other 2/3rds, The number could be much worse.

WOW! You people just do not get it, do you? This is not the unemployment numbers DROPPING in the last week. This is the NUMBER OF NEW UNEMPLOYMENT CLAIMS being filed in the last week. This is an INCREASE in unemployment, not a DECREASE.

I know that people want to see everything get back to normal, in a hurry. But that is not going to happen. The COVID “response” seriously crippled both the US and World economies. It caused the US to spend a huge amount of money, which is not only does not have, but will never be able to pay back, without crippling the economy all over again. Then you have the problems caused by civil unrest. The future is not rosy, sorry.

I’ll save you 138 days of hand wringing–Trump’s going to lose. He was losing when unemployment was at 3.5%, and he’s sure as hell losing now.

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