"That said, the persistent elevated readings of initial jobless claims highlight significant ongoing strain, and we expect the unemployment rate to remain in double digits into 2021", wrote Nomura economist Lewis Alexander, reports Yahoo Finance.
Applications for United States unemployment benefits continued to only gradually ease last week despite a stream of business reopenings, underscoring the longer-term labor-market challenges caused by the coronavirus pandemic.
Some 1.5 million Americans applied for unemployment benefits last week even as the USA emerged from its coronavirus lockdown, the feds said Thursday.
"The decline in continuing claims was encouraging, signalling at least some people are returning to employment", she said.
"On the other hand, there is so much more to do to ensure that every claimant gets their questions answered and receives their benefits in a timely fashion".
Labor officials said department staff continue to review all claims as the investigation into unemployment imposter fraud continues.
Wall Street to Soar on Surprise Drop in Unemployment Rate
MSCI's broadest index of Asia-Pacific shares outside of Japan rose 0.9%, reversing early losses to stay near a 12-week high. USA official data showed that the latest Initial Jobless Claims declined to 1.877 million (1.843 million expected).
Second penumbral lunar eclipse of the year on Friday night
If not visible from a place, it is to note that there are multiple live streamings of the Strawberry Moon eclipse to take place. It's because it occurs in the short span of strawberry harvesting season in the north-eastern United States.
Mayor: NYC has taken 'step forward' in restoring order
Mr Floyd died after a white policeman pinned his neck under a knee for almost nine minutes in Minneapolis on May 25. The officer, Derek Chauvin, has been fired and charged with murder. "And we're going to do it the right way".
In the week ending June 6, another 23,166 people filed claims in New Jersey. Economists expected about 1.5 million claims last week.
Actual state and national totals may be higher, as the tally does not include workers who have not been able to file or who may not be eligible for unemployment benefits.
Policymakers project a 9.3 percent unemployment rate at the year end. The unemployment rate fell to 13.3% from 14.7% in April.
Adding the state and federal together, the average weekly payment is $1,050, the state Labor Department said in its weekly report Thursday.
Pandemic Unemployment Assistance (PUA) program claims, which include those who were previously ineligible for unemployment insurance such as self-employed and contracted workers, was closely monitored in Thursday's report.