WASHINGTON (Reuters) – The number of Americans looking for unemployed advantages fell last week, however millions laid off since of COVID-19 continue to get unemployment checks, suggesting the labor market might take years to recover from the pandemic even as hiring resumes.
The weekly out of work claims report from the Labor Department on Thursday, the most prompt information on the economy’s health, followed on the heels of news last Friday of a surprise 2.5 million increase in nonfarm payrolls in Might. It reinforced views that the worst of the labor market turbulence lagged.
The Federal Reserve signaled on Wednesday it would offer years of remarkable assistance for the economy, with Fed Chair Jerome Powell warning there would an “extended duration” where it is going to be “difficult for lots of people to find work.”
Initial claims for state welfare fell 355,000 to a seasonally changed 1.542 million for the week ended June 6. The 10 th straight weekly decrease pulled claims further far from a record 6.867 million in late March. Financial experts surveyed by Reuters had forecast 1.55 million new claims in the most recent week.
” The worst in the labor market appears to be over, but it is still in horrible condition from the viral economic crisis,” stated Gus Faucher, primary financial expert at PNC Financial in Pittsburgh.
The National Bureau of Economic Research Study, the