Jobless claims totaled 1.48 million last week.
Jobless claims totaled 1.48 million last week as unemployment related to the coronavirus pandemic remained stubbornly high, though those receiving benefits fell below 20 million for the first time in two months, the government reported Thursday.While the weekly numbers remained high and were worse than Wall Street estimates for the second straight week, the total of those receiving benefits continued to fall: Continuing claims fell by 767,000 to 19.52 million.
The unexpectedly high number comes as all 50 states have reopened following a shutdown that began in mid-March. Rising cases across various states has prompted some governors to reconsider the relaxed policies."The danger now is that claims rebound in other states where infections are rising rapidly, and people are starting again to stay away from restaurants and malls," said Ian Shepherdson, chief economist at Pantheon Macroeconomics.
Claims had never been above a million prior to that. The coronavirus-era record is just shy of 6.9 million, hit in late March. The U.S. economy entered recession in February, a month ahead of the pandemic declaration, according to the National Bureau of Economic Research. Gross domestic product contracted 5% in the first quarter, the Commerce Department reported Thursday, and the plunge in the second quarter is expected to be far worse.
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