Nearly 1.9 Million Sought Unemployment Aid Last Week

WASHINGTON, June 4 (Reuters) – The number of Americans filing for unemployment benefits dropped below 2 million last week for the first time since mid-March, but remains astonishingly high as companies adjust to an environment that has been significantly changed by COVID-19. New claims for state unemployment benefits totaled a seasonally adjusted 1.877 million for…

Nearly 1.9 Million Sought Unemployment Aid Last Week

WASHINGTON, June 4 (Reuters) – The number of Americans filing for unemployment benefits dropped below 2 million last week for the first time since mid-March, but remains astonishingly high as companies adjust to an environment that has been significantly changed by COVID-19.
New claims for state unemployment benefits totaled a seasonally adjusted 1.877 million for the week ended May 30, down from 2.126 million the prior week, the Labor Department reported on Thursday. Economists polled by Reuters had forecast 1.8 million initial claims in the latest week.
New jobless claims have declined since hitting a record 6.867 million in late March. Despite the still elevated reading, the most recent data suggested the worst is over for the labor market, combined with data on Wednesday that showed a smaller-than-expected drop in private payrolls in May.
Surveys have also shown consumer confidenc
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