Jobless claims rise by 2.1 million, 300,000 drop from previous week

by Peter Heck · May 28th, 2020 11:17 am
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Just over 2 million new jobless claims were filed in the United States last week, bringing the total number filed since the coronavirus pandemic struck to a staggering 41 million.

The roughly 2.1 million claims filed barely outpaced the 2.05 million claims expected by Wall Street economists.

The 2.1 million was a 323,000 drop over the previous week. Continuing claims — the number of individuals who have been collecting unemployment for at least two weeks — dropped by almost 4 million.

Further good news came in the insured unemployment rate, a measurement of those collecting state benefits against the total number employed in the labor force. Those numbers dropped nearly 3% in the last week, from 17.1% to 14.5%.

"Layoffs continue at a massive scale, according to the latest unemployment insurance report, but it may be that the job market is nearing a turning point," said Gus Faucher, chief economist at PNC.

All economic indicators show an economy in recession, but an increasing number of economists are expecting a significant rebound in the latter half of the year.


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