Two crossed lines that form an 'X'. It indicates a way to close an interaction, or dismiss a notification.The number of US jobless claims last week totaled 3.2 million, the Labor Department said Thursday. The median economist estimate was forIt's the fifth week in a row that claims have declined, signaling the worst shock of the coronavirus pandemic to the labor market may be in the past.
Still, it's the fifth week in a row that new unemployment-insurance claims have fallen, suggesting that the worst of the shock to the labor market has passed. But claims remain elevated at a level that dwarfs the largest week of job losses during the great recession, when 665,000 Americans filed for unemployment insurance.
Economists expect claims to trend down but remain historically high for a few reasons. One is that it's likely some states are still working through backlogs of claims that overwhelmed unemployment office systems never meant to handle millions of applications per week.
Source: News Formal (newsformal.com)
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