Unemployment Claims Drop Slightly: 1.48 Million Applied Last Week
The number has been over a million for 14 weeks in a row.
Fox Business reported that 1.48 million Americans filed unemployment claims last week:
Another 1.48 million Americans filed for unemployment benefits last week, signaling a slow economic recovery from the coronavirus pandemic and related lockdown as layoffs remain historically high, even as many businesses have reopened.
The latest jobless claims figures from the Labor Department, which covers the week ended June 20, pushes the number of job losses since the shutdown began to around 47 million.
Economists surveyed by Refinitiv forecast 1.3 million. The previous week’s number was revised up by 32,000 1.54 million.
The number has been over a million for 14 weeks in a row. Those who remain on unemployment went down to 19.5 million, but that number has not budged in a few weeks:
The numbers remain at historically high levels, even as every U.S. state begins to gradually ease restrictions on residents and allows businesses to reopen. It’s the 14th week in a row that jobless claims came in above 1 million; before the pandemic, the record high was 695,000 set in 1982.
Still, it marks the 12th straight weekly decline of Americans seeking jobless benefits since claims peaked at close to 7 million at the end of March as the virus forced an unprecedented shutdown of the nation’s economy. Continuing claims, the number of people receiving benefits after an initial week of aid, fell by 767,000 to 19.52 million.
Layoffs have slowed down, but hiring has not picked up that much as the pandemic winds down. America has seen a spike of coronavirus cases in a few states, which could stall the process of reopening the economy:
“We’re seeing a slowdown in layoffs, but hiring hasn’t picked up a tremendous amount,” said Nick Bunker, economist at the job site Indeed. “The recovery from this is going to potentially be a very long slog if we can’t get the virus under control quickly.”
States where the coronavirus is spreading the most are experiencing a slowdown in economic activity, according to Jefferies. Some states, such as Arizona, Texas and Utah, are seeing contractions in activity, Jefferies added.
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“We’re seeing a slowdown in layoffs, but hiring hasn’t picked up a tremendous amount,” said Nick Bunker, economist at the job site Indeed. “The recovery from this is going to potentially be a very long slog if we can’t get the virus under control quickly.”
I made a lot of people angry back in March by pointing out that economic recovery from what we’ve done with this shutdown was going to take several years, not several months. And if we lose the Presidency and the rest, it might take 20 years, just like after 1930. (and if the rioters have their way, we’ve already reached Peak Civilization and it’s all downhill from here on out)
Of course hiring hasn’t picked up – every business I know of is just struggling to finally get going again with bare minimum staffs, because they have lost so much money. it’s going to be a long time before they are built back into a position where they can actually add anyone to their staff.
All these restaurants ordered to operate at 25% and 50% capacity – rule of thumb is that if you’re not at least at 60% capacity at peak times, you’re losing money and are on the way out. No one in that business is making any profit today, they are just working to keep the doors open and their clientele still interested. And people who are losing money do not hire new employees.
One of the problems right now is that unemployment pays pretty well compared to jobs at the low end of the pay scale. For folks normally working minimum wage jobs, they have little incentive to go back to work. I’m seeing a lot of Help Wanted signs around as businesses come back, but not a lot of takers. A friend of mine has been trying to find help for her seasonal business (perfect for college students or teachers) and can’t find anyone interested because they can do better on the dole.
Yea but those of us that have lost 6+ figure jobs in Aerospace are out here dying. That extra 600 a week is the only way we are able to stay afloat. If aerospace dies in United States we will not have a country within 20 years…
What Tom said. I also stated that we were probably looking at years for the economy to recover from the draconian COVID restrictions and that was before the current violent revolution which is in progress. In a matter of months, this nation has gone from a 3% unemployment rate to a 20+% unemployment rate. We are in an economic depression and it is worldwide. The fact that it was artificially created by government action does not make it any less real. And, it is only going to get worse.
Even if the demand for jobs increases, businesses are operating under reduced capacity, which limits their income which limits the number of people that they can employ. Also, a significant number of small businesses will not reopen. This further reduces the number of employees needed. Even if Trump wins reelection, it will take his entire second term to regain a significant portion of our economic level on January 01, 2020.
Then we have the revolution. The longer it continues, the more of a drag we will have on the economy. Unless the leadership of this nation gets off its a** and stops this BS, the Global Elite will have won and totalitarianism will rule the world.
Every store in my town that’s open for business has help wanted signs posted. Asshats in dem caucus strike again.
“As the pandemic winds down”. And this, ladies and gentlemen, is why the Republican Party is going to get its ass handed to it in November. FLAT OUT lying about, of all things, a PANDEMIC, in order to boost their re-election prospects. Cases are exploding all over the country, but hey, if the Republican Party says it’s over, then it’s over. YAYYYYYYYYYYYYYYY!!!!!
Incredible.