The number of unemployed in the United States fell for the first time in 2 months, but it’s far away from the crisis

The number of applications for unemployment benefits amounted to 1,48 million last week (from June 15 to 21). This indicator remains at a high level. But the total number of people currently receiving benefits has fallen below 20 million for the first time in 2 months, writes CNBC.

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Economists surveyed by the Dow Jones were expecting 1,35 million applications.

While the weekly numbers remained strong and higher than Wall Street estimates, the total number of people receiving benefits continued to fall, down 767 to 19,52 million.

“All this points to a gradual improvement in the labor market. The decline in initial filings suggests the pace of layoffs is slowing but is still extremely high,” said Gus Faucher, chief economist at PNC Financial.

As part of the pandemic unemployment assistance program, 728 initial applications were filed.

This is unexpectedly a lot, because all 50 states reopened after a quarantine break that began in mid-March. The growing number of coronavirus cases in different states has prompted some governors to review relaxed policies.

“The danger now is that claims for benefits are reopening in other states where infection rates are rising rapidly and people are again starting to stay away from restaurants and shopping malls,” said Ian Shepherdson, chief economist at Pantheon Macroeconomics.

On the subject: 'Very generous' and soon: Trump spoke about the second wave of help in connection with the coronavirus

The latest data comes in the 14th straight week that claims have remained above 1 million, starting with a surge in the very first week ending March 21 after the World Health Organization declared a pandemic and much of the U.S. economy was shut down. in a closed state).

Before this, the number of applications had never exceeded a million. The coronavirus era record is 6,9 million applications recorded by the end of March.

At the state level, California's filings grew by 45, or 930%, far more than any other state, according to non-seasonally adjusted data. In Pennsylvania, claims increased by 19, a 6892% increase from the previous week.

The total number of applications in Oklahoma was reduced to 35.

Data presented on Thursday, June 25, from the US Department of Labor showed that the number of initial claims for unemployment benefits filed during the entire period of the crisis amounted to 47,2 million - more than the population of Spain, clarifies New York Post.

Claims processing problems persist in some states just a month before the end of coronavirus unemployment benefits that provided many with $600 a week on top of what they would normally receive in state unemployment benefits.

According to the National Bureau of Economic Research, the US economy entered a recession in February, a month before the pandemic was announced. In the fourth quarter, the Department of Commerce reported that gross domestic product declined by 5%, and it is expected that the fall in the second quarter will be much more serious.

On the subject: The US is rapidly emerging from the economic crisis: why it's too early to rejoice

The Atlanta Federal Reserve's gross domestic product tracker points to a 45,5% drop in GDP in the second quarter, although CNBC experts' forecasts show a more muted decline of 36,9%. Both options are much worse than during all the crises that have occurred in the United States since World War II.

However, there are signs that economic growth is accelerating. Housing and production figures speak of recovery. On Thursday, June 25, the US government reported that the number of new orders for durable goods increased by 15,8%, and this far exceeded the expected increase of 9,8%.

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