1.5M More Americans File For Unemployment, But Downward Trend Has Some Cautiously Hopeful
Although unemployment is still at levels unseen in many decades, there are positive signs in the weekly jobs report that indicate the free fall has slowed. However, some warn that states are still dealing with a backlog of claims.
The Wall Street Journal:
U.S. Initial Unemployment Claims Fell To 1.5 Million Last Week
Initial unemployment claims fell to 1.5 million and workers receiving benefits fell slightly to 20.9 million in the latest week, the Labor Department reported Thursday. Although states continue to work through a backlog of claims, new applications for unemployment benefits have trended down since the pandemic and related lockdowns triggered a surge in claims at the end of March. (Chaney and Mackrael, 6/11)
Politico:
Unemployment Claims Climbed By 1.5 Million Last Week, Despite Jobs Gains In May
Additionally, nearly 706,000 people applied for benefits under the new temporary Pandemic Unemployment Assistance program created for people who are ineligible for traditional unemployment benefits. With those workers added, the number of new claims filed last week could be higher than 2.5 million, despite every state loosening stay-at-home orders and allowing businesses to reopen in recent weeks. (6/11)
Reuters:
U.S. Weekly Jobless Claims Seen Declining Further, But Millions Still Unemployed
The weekly jobless claims report from the Labor Department on Thursday, the most timely data on the economy’s health, will follow news last Friday of a surprise 2.5 million increase in nonfarm payrolls in May. It could reinforce views that the labor market has weathered the worst of the turbulence. (Mutikani, 6/11)
NPR:
Another 1.5 Million File For Unemployment As States Continue To Reopen Economies
"The May employment report, of course, was a welcome surprise," Fed Chairman Jerome Powell said Wednesday. "We hope we get many more like it. But I think we have to be honest. It's a long road." (Schneider, 6/11)
Bloomberg:
US Unemployment Benefits: 1.5 Million Filed Claims Last Week
Initial jobless claims for regular state programs totaled 1.54 million in the week ended June 6, down from 1.9 million in the prior week, Labor Department figures showed Thursday. Applications for unemployment insurance have fallen consistently each week since peaking at the end of March, but the volume of weekly filings is still more than double the worst week during the Great Recession. (Pickert, 6/11)
