US Weekly Jobless Claims Hit 1.5 Million, Now The 12-Week Total is 44 Million
With more than 1 million Americans filing for unemployment insurance last week, the U.S. total jobless claims have now reached 44 million, according to Business Insider.
The median economist estimate projected the amount of U.S. jobless claims to be 1.6 million for the week the ended Saturday, but the total reached 1.5 million. Now, more than one in four working Americans have had a pandemic-induced job loss. Yet, unemployment did fall last week by around 1.9 million fewer claims than the week before.
Senior economist at Glassdoor, Daniel Zhao said, “The number of Americans seeking new initial unemployment insurance claims remains elevated months into the current crisis, despite the fact it's slowly declining as states reopen for business.”
As employees return to their workplace, the amount of continuing claims fell from 21.5 million to 20.9 million for the week ending May 30. The May jobs report also provided some hope, as around 2.5 million jobs were generated in the month. In addition, the unemployment rate did fall slightly amidst forecasts of severe increases in unemployment.
Now, new data points to the U.S. labor market’s economic recovery. On Tuesday, the Federal Reserve Bank of St. Louis released a study that shows U.S. employment was down 8.75 percent from January through June 5.