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US Jobless Claims: Almost 50 million looking for work

Mohit Oberoi
Author: Mohit Oberoi

Last Updated: June 22, 2020
People in line at job fair in Oregon

Around 1.34 million Americans are expected to have filed for jobless claims in data published on Thursday, according to the consensus estimates compiled by Thomson Reuters.

The data will take claims to the week needing 20 June, which contrasts with the 1.5 million Americans filed for claims that were registered the week before.

Initial jobless, from the US Department of Labor, claims have totaled 45.7 million over the last 13 weeks in the pandemic.

Claims have been falling gradually since the week ended 28 March. For three consecutive weeks, initial jobless claims have been below 2 million. However, claims have been above a million for the last 13 weeks.

Meanwhile, despite higher initial jobless claims, the US economy added jobs in May, for the first time since February. Commenting on last week’s claims, James Knightley, the chief international economist at ING said: “The reopening story may not be generating as much momentum for job creation as the surprise May payrolls number had suggested.”

The continuing claims for the people who have already filed for jobless claims in the previous weeks and continue to file for claims were 20.5 million last week. Continuing claims have been stubbornly above 20 million for the last few weeks.

Glassdoor Senior Economist Daniel Zhao said: “The prolonged plateau of over 20 million continuing to claim UI [Unemployment Insurance] benefits despite states reopening sends a strong signal that any labor market recovery will happen in fits and starts.”

Meanwhile, as the US economy has reopened, there are fears of a second wave of infections. On Friday, the US reported 30,000 new cases, the highest since 1 May. Previously, Treasury Secretary Steven Mnuchin had denied the possibility of a shutdown despite concerns over the second wave of infections.

Note: These are testing times for individuals. If you’re interested in raising finance to see you through this tough period, see our list of some of the best loan providers. There is also a list of loan providers for people with bad credit

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Mohit Oberoi

Mohit Oberoi is a freelance finance writer based in India. he has completed his MBA with finance as majors and also holds a CFA charter. He has over 13 years of experience in financial markets. He has been writing extensively on global markets for the last six years and has written over 6,500 articles. He mainly covers metals, electric vehicles, asset managers, and other macroeconomic news. He also loves writing on personal finance and topics related to valuation.

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