Second layoffs, backlogs wave keeps U.S. jobless claims sky high

The Labor Department’s weekly jobless claims report on Thursday, the most timely data on the economy’s health, supports economists’ contention that it would take a while for activity to rebound even as businesses in many states reopen after shuttering in mid-March as authorities tried to slow the spread of COVID-19, the respiratory illness caused by the virus.

Initial claims for state unemployment benefits totaled a seasonally adjusted 2.981 million for the week ended May 9, the government said. While that was down from 3.176 million in the prior week and marked the sixth straight weekly drop, claims remain astoundingly high. FILE PHOTO: A pedestrian walks on an empty street amid the coronavirus disease outbreak, in Boston, Massachusetts, U.S., May 12, 2020. REUTERS/Brian Snyder/File Photo

While some businesses have accessed loans from an almost $3 trillion fiscal package, which could be partially forgiven if they use the credit for employee salaries, many small enterprises are expected to close permanently, leaving some of the 21.4 million people who lost their jobs in March and April out of work for a long time.

“The gap between the two series is somewhat strange,” said James Knightley, chief international economist at ING in New York. “Not everyone will qualify for unemployment benefits and there may well be the case of double counting on initial claims as people try to register both online and by phone. There could also be issues with backlogs between filing and receiving benefits and then being classified as a continuing claimant.

Source: News Formal (newsformal.com)

Decline? That means nothing. TOTAL is all that matters.

At this point, Americans are going to have to fend for themselves. The government doesn't give a damn about Unemployment benefits. They want Americans back in work, by any means necessary. Meanwhile, the rich and powerful stay in their cozy homes demanding we go to work.

dont worry trump said v shaped recovery in no time

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