1.5M Americans filed initial unemployment claims last week, bringing the total number of claims during the coronavirus pandemic to more than 44M.
Even as the number of Americans seeking state or federal unemployment benefits for the first time has fallen for 10 straight weeks, it is still historically high. In the months before the coronavirus pandemic hit, jobless claims hovered around 210,000.
“The decline in continuing claims was encouraging, signaling at least some people are returning to employment. States and businesses have reopened but activity remains restricted and subdued which will likely result in ongoing layoffs over coming weeks,” Rubeela Farooqi, chief U.S. economist for High Frequency Economics, a research firm, said in an email.
U.S. stocks dropped sharply Thursday morning, with the Dow Jones Industrial Average falling about 760 points, or 2.8 percent, in morning trading. The S&P 500 declined 2.5 percent, and the Nasdaq fell 2.1 percent.in May. However, when corrected for a classification error, the rate more likely fell to near 16.4 percent.
But instead of being sent back to work, many of them were simply being"re-payrolled" under the Paycheck Protection Program, effectively swapping one type of government assistance for another. The program provides several weeks of payroll relief to coronavirus-impacted businesses that keep employees on payroll.
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