Americans on jobless benefits post first drop of pandemic
“We’ve basically wiped out a decade worth of job creation in a month and a half,” an economist says. May’s unemployment figures will probably look even grimmer.
Pantheon Macroeconomics chief economist Ian Shepherdson flagged one caveat with the continuing claims numbers: While “gross hiring is beginning to rebound,” the figure “overstates the true extent of the hiring,” given that California — where residents file every other week — posted a 1.4 million unadjusted decline, Shepherdson said in note. Florida also showed a drop of 1.6 million.
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