New US jobless claims slow to 2.43 mn in latest week

Jobless claims: Another 2.4 million Americans expected to have filed for unemployment benefits

Even as an increasing number of states have begun reopening their economies across the country, the COVID-19 pandemic is largely expected to have continued to wreak havoc on employment in the USA last week.

Millions more Americans are expected to have filed for unemployment benefits as the pandemic continues to wreck the economy, with the total number of USA jobless claims over the past two months predicted at almost 39 million.

"The 4-week moving average was 3,042,000, a decrease of 501,000 from the previous week's revised average".

Another 2.43 million U.S. workers were put out of work last week amid the coronavirus pandemic, according to government data Thursday, bringing the total since mid-March to a massive 38.6 million.

The median estimate in a Bloomberg survey of economists called for 2.4 million claims in the latest week.

Claims have been gradually declining since hitting a record 6.867 million in the week ending March 28.

In the week ending May 9, Georgia reported the highest number of jobless claims at an estimated 241,000 on an unadjusted basis, up from 228,000 in the previous week. NY had 227,000, up from 199,000. The jobless claims report, the most timely data on the economy's health, could offer early clues on how quickly businesses rehire workers as they reopen and on the success of the government's Paycheck Protection Program (PPP).

"The sharp rise in continuing claims the week before illustrates that the easing of lockdowns in many states has not yet resulted in any large-scale recall to work for those now on temporary layoff", Capital Economics said in a note Thursday. This reading came in slightly worse than the market expectation of 2.4 million.

Heidi Chung is a reporter at Yahoo Finance.



Latest news

United States signals intentions to withdraw from Open Skies treaty
Moscow rejected it but the treaty eventually came into force in 2002, and was signed by several dozen other countries. Trump's decision to abandon the Open Skies Treaty could indicate that he will allow the New START treaty to lapse.

Iran extends Zaghari-Ratcliffe's temporary release, lawyer says
The furlough has been extended until May 27, her lawyer told the IRNA news agency on May 20. Click the link in the yellow box below for details.

Who won The Voice? Revealing the 2020 victor
Todd Tilghman was declared the 2020 victor of The Voice during a special three-hour finale episode on Tuesday night (May 19). Coach Nick will perform again with his brothers Kevin and Joe Jonas, who also mentored his team during Season 18.

Venezuela Sues UK over Frozen Gold Reserves, Loses CITGO Appeal
The legal wrangling comes amid fears about ability of Venezuela's aged healthcare system to handle a severe coronavirus outbreak. Venezuela's central bank sued the Bank of England for access to $1 billion in gold reserves to combat the coronavirus.

EasyJet says to restart flights on June 15
There will also be a minimal number of global routes from Geneva. Customers, cabin and ground crew will be required to wear masks.

Other news