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U.S. Initial Jobless Claims Fell to 1.88 Mln Last Week, But Continuing Claims Rose

Published 06/04/2020, 07:18 AM
Updated 06/04/2020, 08:42 AM

By Peter Nurse 

Investing.com - The number of Americans applying for initial unemployment benefits totaled 1.88 million in the week ending May 30, the U.S. Labor Department said Thursday, but the number of continuing claims surprisingly rose, in a sign that re-hiring isn't necessarily keeping up with the pace of new job losses.

The initial claims number was broadly in-line with forecasts and was down from 2.12 million in the prior week.This was the first time this figure had fallen below 2 million since late March. Claims have been gradually decreasing since hitting a record 6.86 million in the week ended March 28.

However, continuing claims, which show the number of people receiving benefits after an initial week of aid, came in above expectations at 21.49 million in the week ended May 23, up slightly from 21.05 million a week earlier.

Continuing claims figures are reported with a one-week delay but are considered offering a better view of the labor market.

The figures out each week have gained renewed attention for quickly showing the depth of the economic damage from the coronavirus pandemic, as well as signs that a recovery is starting as business restrictions ease. 

They are seen as particularly important this week following the better than expected gauge of private-sector employment from ADP (NASDAQ:ADP) on Wednesday, and ahead of Friday’s official monthly employment report.

 

Latest comments

silverio Santos avellaneda
All I can say on the real economy is that the i can't get my dogs nail cut for a walk in for at least 3 weeks...they are overloaded on their schedules with appointments... i can't rent beach set up equipment or have a low contry broil provided for dinner...they are overbooked... i don't see any beach houses available for weeks, they are overbooked.... i couldn't get help from ikea to place an order, because they are overbooked... .......everywhere I turn to purchase goods or services is a competition.
Lol those are extremly small thingnhalf of which not even open due to lack of demand. The pumpers getting desperate.
For a equity market near an all time high, that's still a lot of people. People putting money in now will be waiting a long time to get back to even.
the reality here is that these numbers cannot be trusted anymore than the Chinese reported numbers. if it comes in slightly worse than expected it likely means it is much worse and is being manipulated
How would employers rehire when there are still no customers and no revenue? Do you think we're at a point where a majority of people say, ok, I think everything is pretty close to normal. Does it feel normal? Nope.
Is your name supposed to be geese dude, as in multiple goose dude. Or were you trying to spell jeez?
Guess the V-recovery for the real economy is off the table.
YOU will be surprised.
@Nicolaas, sure will be surprised but not sure will be in direction you expect. COVID new cases already increasing in a few key States so hold your breath...
who is gonna tell him?
When Pelosi's 600 a week stipend ends, the people will have to go back to work lol...
From the democrat handbook.
I lost my salaried position as did many co-workers and none of those jobs are coming back. These numbers will continue to be high for a long time.
 "From the democrat handbook."  -  you mean helping unemployed workers and their families in the midst of pandemic and recession?  yeah those liberal bastards need to be stopped......Trump 2020, Make America Poor Again!
Ya wonder why it would rise..... wait the mc donalds employee making $300 a week doesnt want to give up there $700 a week on unemployment.
Wonder why Amazon etc are up? Smallbusinesses that employed people and aren’t heavily automated have gone under or are heading that way.
Oh it get's even worst the uber driver driving a couple hours a week $600 cha-ching.
re-hiring isnt keeping up? well half the businesses i see on the news are on fire from looting so yeah its kinda hard to be hiring when this stuff is happening...
It rose to 1.88 vs forcast 1.8
Dow should be up another 500 in that case, or any other case... Dow up 500!
GOLD UP
Moving in the right direction!
running out of people to apply, it's at almost half the work force and more to come after the protests. Is a bottom being seen, maybe, but its staying there which is a horrible indocator.
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