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US workers file 1.5 million jobless claims as crisis total tops 44 million

By
Noah Manskar
Published June 11, 2020, 8:34 a.m. ET

Some 1.5 million Americans applied for unemployment benefits last week even as the US emerged from its coronavirus lockdown, the feds said Thursday.

The latest figures from US Department of Labor show more than 44 million people — or roughly 28 percent of the US workforce — tried to join the nation’s unemployment rolls in just 12 weeks.

The data indicate the worst employment crisis since the Great Depression is gradually improving but nowhere near over even though some people are returning to work, according to experts.

“Millions of Americans continue to count on federal and state unemployment benefits to pay the bills now and in the difficult months ahead, as the economy climbs back to a semblance of normalcy,” said unemployment insurance expert Andrew Stettner, a senior fellow at the Century Foundation think tank.

Seasonally adjusted initial jobless claims have now declined for 10 straight weeks, indicating layoffs have slowed as the economy began to reopen.

The number of people filing continued claims for benefits also dropped to a seasonally adjusted 20.9 million in the week ending May 30 after rising to 21.2 million in the prior week.

While that suggests some workers have been rehired and are no longer collecting unemployment checks, the numbers look “more like they’re plateauing rather than steadily declining,” Glassdoor senior economist Daniel Zhao said.

“I think it points ultimately to a recovery that is on shaky ground,” Zhao told The Post. “A recovery has started but that’s not a guarantee that it’ll be uninterrupted.”

Last week’s initial filings were down about 77 percent from their late March peak of 6.8 million, but the number of continued claims in the last full week of May fell by just 178,000, or 0.9 percent, without seasonal adjustments.

At that rate, it would take the more than two years for unemployment to return to where it was before the pandemic, according to Stettner.

There were also 9.7 million gig workers, self-employed people and others claiming Pandemic Unemployment Assistance benefits in the week ending May 23, down from 10.9 million the prior week, the feds said.

But only 42 states reported data from the program that week, meaning there’s not yet a complete count of how many people are participating.

Thursday’s figures came on the heels of last week’s surprise jobs report showing the US economy added 2.5 million jobs in May. That came as a shock to economists given that millions of workers sought jobless benefits throughout last month.

The labor market still faces a long, difficult climb back to where it was before the pandemic. The Federal Reserve expects the unemployment rate to drop from its April peak of 14.7 percent to 9.3 percent by the end of the year — still more than double the 3.5 percent recorded in February.

“This may be the most confusing labor market picture ever seen in any recession in history, but all can agree it will be months if not years to get back to the best economy in 50 years that America enjoyed at the start of the year,” said Chris Rupkey, chief financial economist at MUFG Union Bank.