17 Straight Weeks of Over 1 Million Unemployment Claims
The US has had 17 consecutive weeks where jobless claims increased by more than 1 million, according to CNBC.
Economists polled by Dow Jones expected unemployment claims to equal 1.25 million for the week ending July 11. However, on Thursday, the Labor Department reported that weekly jobless claims came in at 1.3 million. This also made the eleventh straight week where unemployment claims totaled at least one million. Since March, claims have risen by more than 51 million.
Continuing claims from individuals receiving benefits for at least two straight weeks fell by 422,000 to 17.33 million for the week ending July 4.“There are clear signs that the longer-term damage is beginning to mount, with permanent layoffs beginning to climb, and the flow of workers from employment to unemployment still elevated,” Michael Pearce, senior U.S. economist at Capital Economics, said. “Moreover, absent a vaccine, the need for ongoing physical distancing will prevent a full recovery.”
These massive unemployment numbers could start to increase again as the US deals with a resurgence of coronavirus cases.