More than three months into the COVID-19 crisis in the U.S., countless Americans are still unemployed. According to the U.S. Labor Department, weekly initial jobless claims data showed yet another week of claims exceeding 1 million.
Another 1.5 million Americans filed for unemployment benefits in the week ending June 20, exceeding economists’ expectations for 1.3 million. The prior week’s figure was revised higher to 1.5 million from the previously reported 1.5 million claims. While last week’s report marked 12 consecutive weeks of deceleration, more than 47 million Americans have filed for unemployment insurance over the past 14 weeks.
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Continuing claims, which lags initial jobless claims data by one week, totaled 19.5 million in the week ending June 13, down from 20.3 million in the week ending June 6. Consensus expectations were for 20 million continuing claims.
“Initial jobless claims continue to moderate only gradually,” Nomura economist Lewis Alexander wrote in a note Wednesday. “While the labor market remains exceptionally weak, signs of gradual improvement suggest another month of (non-farm payroll) gains during June.”
