US jobless claims drop to 1.3 mln last week

Marco Green
July 11, 2020

US stock futures and Treasury yields were little changed following the report. The total number of jobs in that industry in May was 3,100.

With the latest numbers, a staggering 48 million initial jobless claims have been filed over the past 15 weeks, indicating the mounting economic fallout.

Scott Bailey, regional economist for Southwest Washington, said that 142 of the county's initial claims came from electronics-manufacturing businesses. "The road back to February's peak employment levels will be a long and bumpy one". Of states that have seen a recent surge in outbreaks, California and Florida saw decreases in unadjusted initial claims from the prior week.

Several other states reported significant increases in initial claims including New Jersey, Louisiana, Maryland, Nevada and Tennessee.

More than 1.3 million Americans filed for unemployment benefits last week, showing that many workers are still losing their jobs even as the labor market starts its nascent recovery from the coronavirus pandemic and related lockdown.

Economists surveyed by Refinitiv forecast 1.37 million new claims and 18.9 million continued claims.

The US Labor Department is set to release weekly data later on Thursday. And to put this into perspective, we've had elevated claims above 1 million for 16 straight weeks.

Claims under the Pandemic Unemployment Assistance, a federal program, also totalled to over 1 million, an increase of almost 42,000 from the previous week, according to the report.

More than 1.3 million Americans applied for unemployment benefits last week, a historically high pace that shows that many employers are still laying people off in the face of a resurgent coronavirus.

Other reports by Click Lancashire

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