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Jobless Claims Are Starting To Level Off, Even As Some States Shut Down Again

This article is more than 3 years old.
Updated Jul 9, 2020, 08:54am EDT

TOPLINE

Another 1.3 million workers filed for unemployment during the week ending July 4; even though jobless numbers remain astronomically high, and even as some cities and states take steps to shut down their economies again as the coronavirus surges, claims are beginning to level off from week to week.

KEY FACTS

Last week’s 1.3 million claims are down slightly from the 1.4 million claims filed during the week ending June 27. 

Weekly jobless claims reached an all time high of 6.9 million in March.

Before the coronavirus crisis, the previous record for weekly claims was just under 700,000 in 1982.

Continuing claims held steady around 20 million last week, according to Labor Department data.

In June, the United States added 4.8 million jobs and the unemployment rate fell to 11.1% from 13.3% in May after peaking at 14.7% in April.

Crucial quote

 "Any state that is having a serious problem, that state should seriously look at shutting down,” Dr. Anthony Fauci said on a Wall Street Journal podcast on Wednesday. “It's not for me to say because each state is different."

Key background

New restrictions that are accompanying the resurgence of the virus—like a second wave of business shutdowns—have the potential to derail an economic rebound until the fall, analysts from Goldman Sachs said on Saturday. Bars have been closed in more than a dozen California counties, for instance, as well as in Florida and Texas.

Further reading

America’s Economy Is Taking Another Hit As Coronavirus Cases Surge And Businesses Shut Down Again (Forbes)

Trump Takes Victory Lap On Economy As Cases Surge Across U.S. (Forbes)

It’s Official: Trump Wants A Second Round Of Stimulus Checks In ‘Larger Numbers’ Than Democrats (Forbes)

The Great Coronavirus Rollback: California The Latest State To Abandon Reopening Plans Amid Record Coronavirus Surge (Forbes)

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