New applications for U.S. jobless benefits fell last week, but a record 32.9 million Americans were collecting unemployment checks in the third week of June, suggesting the labor market was struggling to claw out of the COVID-19 pandemic slump.
"Jobless claims may have been held down due to the holiday, but don't be fooled, the economy's troubles aren't over yet, not by a long shot," said Chris Rupkey, chief economist at MUFG in New York."The total number out of work and receiving benefits is the worst yet in this recession." There were 32.9 million people receiving unemployment checks under all programs in the third week of June, up 1.411 million from the middle of the month. The report, the most timely data on the economy's health, could set the labor market for a pullback in employment growth in July.
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