Number of Americans in US filing for unemployment benefits likely dropped below two million last week for the first time since mid-March
People who lost their jobs wait in line to file for unemployment benefits, following an outbreak of the coronavirus disease , at Arkansas Workforce Center in Fort Smith, Arkansas, US April 6, 2020.
Surveys have also shown consumer confidence, manufacturing and services industries stabilising albeit at low levels in May, indicating the downturn triggered by a near shutdown of the country in mid-March to control the spread of Covid-19 was bottoming. Many businesses had reopened by mid-May. New claims for state unemployment benefits likely totalled a seasonally adjusted 1.8 million for the week ended May 30, down from 2.123 million the prior week, according to a Reuters survey of economists. Claims have declined since hitting a record 6.867 million in late March.
As part of a fiscal package worth nearly $3 trillion, the government greatly expanded eligibility for unemployment benefits to include self-employed and independent contractors who have been affected by the Covid-19 pandemic. Roughly 30 states are now reporting PUA claims on a weekly basis but PEUC figures are reported with a two-week lag.
"Many commentators are reporting the cumulative number of initial regular state UI claims over the last 10 weeks as a measure of how many people have applied for UI in this pandemic," said Heidi Shierholz, a former chief economist at the Labor Department.
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