US weekly jobless claims edge down to 1.19 million

WASHINGTON: The number of Americans seeking unemployment benefits fell last week, but remained significantly high, suggesting the labour market was stalling as the country battles a resurgence in new COVID-19 cases that is threatening a budding economic recovery.

The public health crisis is hurting demand for goods and services, broadening layoffs to sectors of the economy that were not initially impacted when non-essential businesses such as restaurants and bars were shuttered in mid-March to slow the spread of the respiratory illness. Businesses are also cautious about hiring.

Claims peaked at a record 6.867 million in late March. Some economists expect claims to fall in the coming weeks following the end of a US$600 weekly unemployment benefits supplement last Friday. Industry groups said the supplement was encouraging furloughed and unemployed workers not to return to their jobs.

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