Over a million more Americans applied for unemployment benefits in the week ending June 20, as weak demand pushes businesses to lay off workers, suggesting…
Over a million more Americans applied for unemployment benefits in the week ending June 20, as weak demand pushes businesses to lay off workers, suggesting a prolonged path to labor market recovery in the wake of the CCP virus pandemic.
The Labor Department’s weekly jobless claims report (pdf) released June 25, shows that 1.48 million American workers filed initial jobless claims for the week ending June 20. That’s down by 60,000 from an upwardly revised 1.54 million in the prior week.
A relative bright spot in the Labor Department’s jobless figures is the number of continuing claims, which represent people who earlier filed initial claims and remain unemployed. These dropped by 767,000 for the week ending June 13, down to nearly 20.3 million. While an encouraging trend, the number is still over three times higher than the record of over 6.
