US jobless claims for the week that ended Saturday totaled 1.5 million, the Labor Department said Thursday. That slightly exceeded the consensus economist estimate of 1.3 million.
Continuing claims, the aggregate total of people receiving unemployment benefits, totaled 20.5 million for the week that ended June 6.More than 1 million Americans filed for unemployment insurance last week as economic fallout from the coronavirus pandemic continued to spur layoffs across the nation.
Continuing claims, which represent the aggregate total of people receiving unemployment benefits, were 20.5 million for the week that ended June 6, down from 20.9 million in the previous report. The decline suggests that people are starting to return to work as the US economy reopens.added 2.5 million jobs during the monthBut paired together, the two reports show the ebb and flow of the labor market amid the coronavirus pandemic and recovery.
"We see it in consumer spending, in income data, we see it in payrolls. All of that is helping," said Powell, adding that there are still more than 20 million people who have been "dislodged" from their jobs due to the coronavirus pandemic.
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