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1.5 mln Americans file jobless benefits last week

Video Credit: Reuters Studio
Published on June 18, 2020 - Duration: 01:04s

1.5 mln Americans file jobless benefits last week

Unemployment claims dipped last week to 1.5 million but remained historically high.

As Fred Katayama reports, a second wave of layoffs amid weak demand and fractured supply chains is keeping new U.S. applications for unemployment benefits elevated.

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1.5 mln Americans file jobless benefits last week

The number of Americans filing new jobless claims dipped slightly but still topped the one-million mark for the 13th straight week.

The Labor Department reported Thursday that 1.5 million Americans applied for unemployment benefits in the last seven days, more than economists had forecast.

It also marked the 11th straight week that initial claims have fallen.

But they remain at historically high levels even though companies hired a record 2.5 million workers in May as businesses reopened.

Jobless benefits remain roughly double their peak in the Great Recession.

What's keeping that number so high: a second wave of layoffs amid weak demand and disrupted supply chains.

That hardens forecasts for a long and difficult recovery from the current recession ... as millions still collect unemployment checks.

And that number could still rise.

Economists expect layoffs to accelerate when the government's popular Paycheck Protection Program, which helps small businesses cover payroll costs - runs out.

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