Weekly filings for unemployment benefits in the U.S. fell to 1.31 million in the week ending 4 July, better than expectations of economists. However, this is the fifteenth week in a row that initial jobless claims totaled more than 1 million per week.
Economists are watching for the sixth consecutive weeks of decline in this important indicator of the labor market, as weekly initial jobless claims, the unemployment rate fell from a high of 14.7% in April to 11.1% in June. However, experts say that the recovery “is still a long and bumpy road”.
Today’s report of U.S. Department of labor showed that the number of Americans who filed initial application for the payment of unemployment benefits amounted to 1.31 million in the week ending 4 July, better than economists 1.38 million
The same indicator for the previous week was revised down from 1,427 million to 1.41 million applications. On the background of continuing decline in the number of jobless claims the number of jobs in non-agricultural sector grew by 7.47 million over the past two months.
The number of unemployed receiving benefits for more than a week fell to 18.06 million in the week ended 27 June, also below market forecasts 18.95 million
“It’s definitely good numbers, but we still have a long and uneven road to recovery,” said Liz Ann Sonders, chief investment strategist at Charles Schwab.
Thus, according to the latest data, the total number of unemployed in the United States was 50.0 million, the Situation continues to be alarming, considering that the United States Department of health registers record bursts of coronavirus COVID-19. Authorities in several States had to close or suspend a program to rebuild their economy by sending workers home again.
The trend in the number of applications for benefits may change in the coming time, because at the end of July expires additional benefits in accordance with the Law CARES. Millions of unemployed plus get $600 a week as compensation for the fact that they have to stay home during a pandemic. Congress and the White house are working to change the program, but it is still unclear what decision the government will take in the end.
According to the Johns Hopkins University, today the U.S. has confirmed more than 3 million cases of coronavirus. Worldwide more than 12 million confirmed cases.
