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.