By ET Bureau - July 10, 2020 1 Mins Read
The total number of Americans who filed for jobless benefits dropped drastically to a near four-month low last week reports say. However, a record-breaking 32.9 million people were found collecting unemployment checks in June third week, supporting expectations of the labor market which would take about years to recover from the pandemic.
Economists were cautioned against reading too much into the larger-than-expected fall in the jobless claims reported by the Labor Department, noting that this period included the July 4 Independence Day as well. Claims data remain volatile around holidays.
Large parts of the nation, including the densely populated states like Texas, Florida, and California are struggling with record spikes of new cases, which have forced authorities to step back or pause the businesses reopening, and sending workers home again.
Bankruptcies are on an exponential rise amid weak demand, and businesses have already exhausted the government loans which were actually enabling them to keep workers on the payrolls.
To Know: https://www.reuters.com/article/us-usa-economy/weekly-jobless-claims-near- four-month-low-millions-drawing-unemployment-benefits-idUSKBN24A1V6
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