While it’s the lowest yet of unemployment filings we’ve seen since the pandemic began, it’s still just under what we saw last week:
CNBC – Filings for unemployment insurance claims totaled 1.877 million last week in a sign that the worst is over for the coronavirus-related jobs crisis but that the level of unemployment remains stubbornly high.
Economists surveyed by Dow Jones had been looking for 1.775 million new claims. The Labor Department’s total nevertheless represented a decline from the previous week’s upwardly revised total of 2.126 million. Filings under the Pandemic Unemployment Assistance program totaled 623,073.
This was the first time the government’s weekly jobless claims report came under 2 million since the week ended March 14.
“Even as states reopen, claims in the millions are an indicator that the economic pain of the COVID-19 crisis is still acute,” said Daniel Zhao, senior economist at job placement site Glassdoor.
Economists are expecting the unemployment rate to rise to almost 21% tomorrow:
The numbers came the day before the Labor Department releases its nonfarm payrolls report for May. Economists surveyed by Dow Jones are expecting a decline of 8.3 million and a 20.5% unemployment rate, more than double the highest previous level since the Great Depression.
This brings the pandemic total to almost 43 million people unemployed because our leaders shut the country down. And now the country is supporting these people to the tune of $2400 per month for ever how long that lasts.