Others 1.9 million people applied for unemployment benefits in the United States in the week ending May 30, the least amount since the pandemic worsened in the country of the coronavirus in mid-March, a report by the Labor Department showed on Thursday.
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The situation of the labor market can be starting to show a breather and showing signs that the worst is over, however it is still grim if you consider that more than 42 million people have had to ask for this help by losing their jobs.
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Likewise, the lags in the processing of applications in some states, especially those of independent workers who are now eligible for the subsidy within the federal aid package, mean that the outlook for the workforce in the country in middle of the worst economic blow since the Great Depression.
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“The number of people who have applied for unemployment benefits has declined steadily. Initial requests (for this aid) fell by 249,000, to 1,877 million in the week ended May 30, slightly above our forecast for 1,823 million “, explained Maria Cosma in an analysis of Moody’s Analytics.
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“Applications for unemployment aid due to the pandemic also fell, from 1,295 in the week to May 23 to 623,000 in the week to May 30,” he said.
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More encouraging data
The damage suffered by the labor market in the last two months has been so strong that strong voices from the economic sector, such as that of the President of the Federal Reserve, have emphasized that this is a crisis that will not be quickly overcome and which can cause prolonged damage where the most affected are low-wage workers.
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Nonetheless, the data becomes a little more encouraging when the 50 states have already relaxed the restrictions of social distancing that forced extensive closings of businesses and shops and practically paralyzed the service sector and, with it, the US economy.
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After reaching its highest level in the week to March 28, when new grant applications stood at 6.9 million, applications have gradually declined over the weeks. However, they consistently exceeded the 2 million range. That they have dropped below that threshold seems to presage light at the end of the tunnel.
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The official report for May will be revealed this Friday by the Labor Department and, according to analysts consulted by the Reuters agency, will show that the United States cut 8 million jobs that month, below the 20.5 million jobs in April.
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