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  • Unemployment lawsuits in the U.S. for the week ended Saturday amounted to 1.5 million, the Department of Labor said Thursday. It lags behind that average economist score.
  • That led to 44 million in 12 weeks. Thursday’s report also marks the 10th week of indebtedness.
  • The continuing claims, representing the total number of people receiving unemployment benefits, for the week ended May 30, amounted to 20.9 million people.
  • Visit the Business Insider homepage to learn more stories.

Last week, more than a million Americans applied for unemployment insurance as the coronavirus pandemic continued to lead to layoffs across the country.

In the week ending Saturday, U.S. unemployment claims totaled 1.5 million, the Department of Labor said Thursday. It lags behind that average economist score of 1.6 million.

The figure rose in 12 weeks to 44 million, that means more than one in four American workers lost their jobs during the pandemic. That’s also more than about 37 million people who have applied for unemployment insurance during the year and a half of the Great Recession.

However, unemployment rates fell last week nearly 1.9 million the previous week. The number of new innings has dropped by 10 in a row.

“The number of Americans seeking new initial unemployment insurance claims remains high for months in the current crisis, despite the fact that it is slowly declining as states reopen to business,” said Daniel Zhao, senior economist at Glassdoor.

initial claims 6 6 20

Andy Kiersch / Business Insider

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Continuing claims representing the total number of people actually receiving unemployment benefits amounted to 20.9 million for the week ending May 30, down 21.5 million in the previous report. The recession suggests that people are starting to return to work when the U.S. economy reopens.

The US also got it Employment data on Friday from the May work report. Approximately 2.5 million jobs were added in a month, surprising economists who predicted millions of jobs. In addition, the unemployment rate fell, although the single forecast was sharp to an almost record high.

One of the reasons economists predicted a much worse report was that they focused on initial unemployment insurance data showing millions of additional unemployment insurance applications, but not on information on how many workers are being reinstated or fired. – Important pieces of the puzzle. go ahead.

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Alternative data sources show that the U.S. labor market continues to recover at a healthy pace in June. A study by the Federal Reserve Bank of St. Louis, published Tuesday, found that Employment decreased by 8.75% from January to June 5, improving the fall by 15.08% in mid-April.

But still there are signs that recovery may be long and slow. While some workers are being hired, other companies are struggling with less demand and laying off employees as the effects of the coronavirus pandemic make their way through the economy.

On Wednesday, Federal Reserve Chairman Jerome Powell said millions of people would not be able to return to their old jobs even if the U.S. reopened, which could lead to years of increased unemployment in the United States.

“It may be several years before we get back to those people who find work,” he said.

In addition, the weekly report on primary claims becomes more complex and bleak errors – and many states can still deal with the problems of lagging behind.

In the week ending Saturday, 42 states reported 705,676 lawsuits under the Pandemic Unemployment Assistance Program, which is part of the Concerns Act, which extended unemployment insurance to those who were not eligible, such as independent contractors or employees of the concern. . It was above the 36 states that reported PUA requirements the previous week.

Read more: Renowned strategist Tom Lee nailed the market by 40% of the worst in the history of the crash. Here are 17 troubled stocks that he recommends for higher returns as recovery is gaining momentum.

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