The latest data from the US Department of Labor show that jobless claims were above 1 million for the 13th consecutive week. In the last week, more than 1.5 million people filed for unemployment claims, lower by 58,000 from the previous week's data.
The high numbers continue recurrent, although states have reopened, and the non-farm payrolls increased by 2.5 million. Before coronavirus, the record was set at 695,000 in September 1982.
Continuing claims – referring to those who receive unemployment benefits for more than two weeks – decreased by 62,000 to 20.5 million people.
The number of those who filed for Pandemic Unemployment Assistance increased by 65,000 from an initial 760K.
According to specialists, the total number of unemployed people doesn’t show how much and how fast the economy recovers.
California reported the most significant number of claims – 243,000.
Sources: forexfactory.com, cnbc.com, yahoo.com