Jobless claims in the U.S last week reaches 2.4 million, as the shutdowns continue to affect the economy
The Labor Department’s weekly jobless claims report on Thursday, the most timely data on the economy’s health, also showed the number of people on unemployment rolls surging to a record high in early May, suggesting that businesses were probably not rushing to rehire workers as they reopen.
Initial claims for state unemployment benefits totaled a seasonally adjusted 2.438 million in the week ended May 16, down from 2.687 million in the prior week, the government said. There is possibility that some states are not stripping out the PUA-related applications from the initial claims numbers after determining eligibility.
But the worst for the economy could be behind. A third report from the Philadelphia Federal Reserve showed businesses in the mid-Atlantic region were increasingly optimistic, with the six-month outlook the highest in 2-1/2 years in May. They also noted that this number could include people who have since found jobs. Last week’s claims data covered the week during which the government surveyed establishments for the nonfarm payrolls portion of May’s employment report. Claims dropped by 2 million between the April and May survey weeks. The economy lost a record 20.5 million jobs in April.
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