US unemployment claims remain high at 900,000
Latest Labor Ministry Data May Indicate Slower Employment Growth In July
US jobless claims remain high amid falling consumer demand and a surge in new cases of coronavirus, indicating that the labor market remains volatile despite record job gains in June..
Last week, seasonally adjusted claims were 1.314 million, down from 1.413 million the week before, the Labor Department said Thursday. Economists surveyed by Reuters predicted 1.375 million applications.
At the end of March, filings hit an all-time high of 6.867 million and then gradually declined, although they are still roughly double the record highs reached during the Great Recession of 2007-2009..
Data released on Thursday may indicate employment growth will slow in July.
Last week, the government said 4.8 million jobs were created in June. This is the highest figure since the beginning of accounting in 1939. Companies are hiring back workers laid off due to the closure of numerous establishments during the quarantine.
However, the reopening of companies is accompanied by a sharp jump in the number of cases in many densely populated states, such as Florida, Texas and California. This led to the curtailment or postponement of opening plans, in connection with which many were again unemployed..
As the economy has been in recession since February, some companies are facing reduced demand, exacerbating a second wave of layoffs. Many companies, from retailers to airlines, have announced layoffs or are sending employees on unpaid leave.
In addition, the effect of the government-launched concessional lending program for businesses is diminishing..
Some small businesses are cutting wages as they received their loans in April and will not be able to retain all employees starting in July, a poll by the National Federation of Independent Business found last week..
Application deadline for small business loans has been extended to August 8.
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