US UNEMPLOYMENT GROWS - The Labor Department reported that 1.9 million Americans filed new claims for state unemployment insurance last week, along with 623,000 new claims for federal aid available to the self-employed and others not normally eligible for state jobless benefits.
The numbers are truly amazing.
A whopping 47 million applications for benefits have been filed since the coronavirus pandemic began several months ago, reflecting almost 30% of the labour force before the crisis.
Yet the number of pandemic-related claims is not reflective of how many people are receiving benefits.
More people have been returning to work as states started to reopen their economies in May. A small number of claims have also been rejected and in some cases, people filed more than once.
The George Floyd murder by police and the ensuing civil unrest is distracting attention from the issue of the economy.
source: tradingeconomics.com
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