U.S. weekly jobless claims drop, but economic recovery still elusive

The Labor Department’s weekly jobless claims report on Thursday, the most timely data on the economy’s health, also showed a decline in the number of people receiving unemployment checks in mid-May. The data, however, excludes gig workers and others collecting benefits under a federal government program.

“We are entering the confusion stage for the employment and unemployment numbers,” said Joel Naroff, chief economist at Naroff Economics in Holland, Pennsylvania. “Reopening of the economy is taking people from government payrolls to private sector payrolls, which is good. But the PPP is creating problems with understanding what exactly is happening.”

The astonishingly high level of claims, nearly three months after the shuttering of non-essential businesses to control the spread of COVID-19, points to a long recovery for the economy. FILE PHOTO: A handful of pedestrians walk through Times Square as streets remain relatively quiet due to the continuing outbreak of the coronavirus disease in the Manhattan borough of New York U.S., May 5, 2020. REUTERS/Lucas Jackson/File Photo

Economists cautioned against reading too much into the sharp decline, noting that some states required residents to file for benefits on a bi-weekly basis, which they said was injecting volatility into the data. The drop in continuing claims was concentrated in Florida, California, Washington State and Ohio.

These workers do not qualify for regular state unemployment insurance and are not included in both the weekly jobless claims and continuing claims figures. There were 1.193 million claims submitted last week under the PUA program, on top of the 7.793 million applications processed in the week ending May 9.

😢😢😢

And there’s over 100,000 of our family members DEAD. TrumpLiesAmericansDie

Add the workers of Target that burned down in Minneapolis...

We cannot handle 100 million unemployment. If levels reach that our nation is done. DONE we are nearing a half way mark and riots are getting louder. realDonaldTrump Get aid to people beofre things start worse. AndrewYang is right, we need UBI at least till this crisis ends.

RT all over!! One of most famous and world renowned virologist who discovered HIV says that COVID-19 Originated in A Lab!! ( Definitely NOT a Republican or a Conservative)

thanks trump

I miss President Obama & look forward to November 3, 2020 so we can REMOVE trump & hopefully put Vice President Biden in to TAKE THE HELM before we sink! Wish we could VOTE NOW!

Boycott CCP China for 3,59,584 innocent Citizens Deaths & Chinese Wuhan Viruse. Hong Kong , Taiwan, Tibbet and Uygur are free Nations.

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