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.

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