Jobless Claims Continue to Climb, but Show Signs of Recovery
May 28, 2020
More than 2.1 million more Americans filed for unemployment benefits last week, down from the 2.4 million claims filed the week before. This marks the eighth consecutive week that has seen a decline in new claims, suggesting that the rate of layoffs and business closures is slowing.
More promising is the decline in the number of Americans who are continuing claims. This number fell by 3.86 million to 21 million, down from the previous week’s record-setting 24.9 million.
The big drop in continuing claims suggests that some unemployed workers are either finding new work or being rehired as the economy continues to reopen.