U.S. Initial Jobless Claims Worse Than Forecast for Second Week
Thursday, 25 June 2020 19:55 WIB | ECONOMY |Ekonomi ASUnemployment

The number of Americans seeking unemployment benefits was higher than forecast for a second straight week, adding to signs that the recovery is cooling amid a pickup in coronavirus cases.

Initial jobless claims in regular state programs fell to 1.48 million last week from an upwardly revised 1.54 million in the prior week, Labor Department data showed Thursday. Continuing claims, a closely watched figure that tracks the overall pool of recipients, declined by more than forecast to 19.5 million in the week ended June 13.

Economists surveyed by Bloomberg News had forecast Thursday's report to show 1.32 million initial claims and 20 million continuing claims.

U.S. stock futures fluctuated following the data. A separate report Thursday showed orders for durable goods and business equipment jumped in May by more than forecast.

The unemployment claims figures underscore the risks to the recovery from deep labor-market damage across the country. While states have largely eased restrictions on businesses and some consumer demand has returned to support those jobs, virus cases have been resurgent in many large states and consumer spending remains subdued compared with pre-pandemic levels.

Even so, economists expect continued improvement in the hard-hit labor market; the government's monthly jobs report next week is projected to show employers added 3 million workers to payrolls in June, following 2.5 million in May.

Source : Bloomberg

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