U.S. labor market improvement stalling; second wave of layoffs seen

The Labor Department’s weekly jobless claims report on Thursday, the most timely data on the economy’s health, sketched a picture of a distressed labor market even though employers hired a record 2.5 million workers in May as businesses reopened after shuttering in mid-March to slow the spread of COVID-19. At least 29 million people are collecting unemployment checks.

Economists polled by Reuters had forecast claims dropping to 1.3 million in the latest week. The 11th straight weekly decrease pushed claims further away from a record 6.867 million in late March. Still, claims are more than double their peak during the 2007-09 Great Recession.

Stocks on Wall Street were trading mostly lower. The dollar gained versus a basket of currencies. U.S. Treasury prices were higher.From manufacturing, retail, information technology and oil and gas production, companies have announced job cuts. State and local governments, whose budgets have been shattered by the COVID-19 fight, are also cutting jobs.

Initial claims covered the week during which the government surveyed establishments for the nonfarm payrolls component of June’s employment report. Economists, however, cautioned claims were no longer a good predictor of job growth.

Lol.. deepest numbers in generations (unfortunately) and you make it sound like a win.

Thanks Trump; your inept handling of Covid-19 pandemic caused a lot of this disaster that’s buried so many lives, financially or physically (in death, 120k dead). Now potus is holding a rally where masks r optional in a city & state that have seen an alarming inc in 🦠infections

They'll go up 20% when Florida (if ever) fixes their ancient system. Residents have been trying since March and get nothing but 'lip service' from DeSantis & co.

They're in the wrong line:

Why is it that 20+ million jobless claims are hardly recognized, but a 1.5 million dip in unemployment is considered a victory by this administration? 20+ million losing jobs in a short period is certainly alarming. They need help. Give them the importance that they deserve.

Canada Canada Latest News, Canada Canada Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

U.S. labor market recovery stalling; second wave of layoffs underwayThe number of Americans filing for unemployment benefits fell last week, but the pace of decline appears to have stalled amid a second wave of layoffs as companies battle weak demand and fractured supply chains, supporting views that the economy faces a long and difficult recovery from the COVID-19 recession. And people in one Kentucky town waited in line for 8 hours to file for unemployment yesterday. Great job looking out for the People of Kentucky senatemajldr McConnell. Those 200 jobs at Deripaska's KY laundromat aren't going to take care of the mess you allowed trump to make. The stock market is booming Can't file online?
Source: Reuters - 🏆 2. / 97 Read more »

Oil falls on rise in U.S. crude stocks, virus resurgence fearsOil prices retreated on Wednesday, weighed down by an increase in U.S. crude inventories and worries about a potential second wave of the coronavirus pandemic. Funny the virus rises same time they take away the malaria drug that worked now saying its dangerous just in time to introduce the life saving vaccine that they openly said will track “the virus”..... p99o
Source: Reuters - 🏆 2. / 97 Read more »