Even as the number of Americans seeking state or federal unemployment benefits for the first time has fallen for 10 straight weeks, it is still historically high. In the months before the coronavirus pandemic hit, jobless claims hovered around 210,000.
“The decline in continuing claims was encouraging, signaling at least some people are returning to employment. States and businesses have reopened but activity remains restricted and subdued which will likely result in ongoing layoffs over coming weeks,” Rubeela Farooqi, chief U.S. economist for High Frequency Economics, a research firm, said in an email.
U.S. stocks dropped sharply Thursday morning, with the Dow Jones Industrial Average falling about 760 points, or 2.8 percent, in morning trading. The S&P 500 declined 2.5 percent, and the Nasdaq fell 2.1 percent.in May. However, when corrected for a classification error, the rate more likely fell to near 16.4 percent.
But instead of being sent back to work, many of them were simply being"re-payrolled" under the Paycheck Protection Program, effectively swapping one type of government assistance for another. The program provides several weeks of payroll relief to coronavirus-impacted businesses that keep employees on payroll.
Unemployment rate is at 33.8%. YES that's correct. US population is 330m. Of that, approximately 130m people are working *normally*. If 44m are out of jobs then ACTUAL UNEMPLOYMENT is 33.8% but likely higher! We need a second round of stimulus money NOW!! Vote in Nov.
As long as COVID19 runs rampant through the USA, demand will be subdued. As long as demand is repressed, unemployment will remain high. Most businesses will not rehire all workers that they laid off. Declaring 'reopening' does not mean that the cause of this downturn is gone.
To win the 2020 ejection you got to beat the news media
Dem idiots will blame their shutdowns on others
It’s extremely difficult being unemployed, in Florida, and dealing with broken FLDEO! GovRonDeSantis NewsGuyGreg AnnaForFlorida Annette_Taddeo TerrieRizzo FLSenateDems Fla_Pol JoseJavierJJR
Headline for this article is incorrect and misleading. New weekly claims didn't rise by 1.5m, they totaled 1.5m. The number of new weekly claims actually dropped by 355,000 over the previous week.
DarcysCartoon Who would have thought that stopping travel, closing every entertainment venue and most stores and restaurants would have this kind if effect?
How many fraudulent claims?
Initial unemployment claims still seem to be substantially high but the jobs report showed a decrease in unemployment and job creation of 2.5M. Something seems fishy with that report.
But we ADDED 2.5m jobs somehow, so we're, like... net 1 million new jobs? How is our economy both creating jobs at a record pace, and destroying jobs at a record pace... I don't get it...
Democrats are gleeful with all of this unemployment.
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