The number of people who have applied for unemployment benefits it fell again in the week ended June 6 to 1.54 million, or its lowest level since the pandemic worsened in mid-March. However about 44 million people have resorted to this help in a labor market that will take years to return to the point where it was before the unprecedented crisis.
–
The May report released last week by the Labor Department showed that the labor market possibly managed to get through the worst part, surprising with creating 2.5 million Of jobs. This in the midst of the relaxation of the restrictions that forced extensive closings that had practically paralyzed the economy for weeks.
–
But the level at which people continue to need unemployment assistance remains at an unprecedented level in the millions.
–
“Unemployment benefit claims are declining steadily. Initial claims fell by 355,000, to 1,542 million in the week to June 6. Unemployment aid claims during the pandemic (known in English as the Pandemic Unemployment Assistance) also fell in the same period, from 797,000 to 706,000, “said Maria Cosma in an analysis by Moody’s Analytics.
–
Likewise, requests for this subsidy on a continuous basis, that is, for those who still cannot get a job, also fell by 339,000, to 20.9 million, added Cosma.
–
The road to a full employment recovery in the United States is still beginning, the Federal Reserve warned this Wednesday. The US central bank projected that the unemployment rate would close this year at 9.3%, well below the current 13.3% but a figure close to double digits and at a historically high level.
–
This is because “the persistent public health crisis will continue to weigh heavily on economic activity, employment and inflation,” he explained.
–
