People who lost their jobs wait in line to file for unemployment following an outbreak of the coronavirus disease , at an Arkansas Workforce Center in Fayetteville, Arkansas, US, April 6, 2020. — Reuters pic
The Labor Department said 1.87 million workers filed new jobless claims last week, 249,000 fewer than the week prior but still a grievous figure nearly three times higher than the weekly record in the pre-pandemic economy. More than 42 million workers have lost their jobs, at least temporarily, since mid-March, but the new data showed 21.5 million people were receiving benefits in the week ended May 23, an indication that millions either had their benefit claims rejected or have since been rehired, or more likely a combination of the two.
Wall Street indices muddled through the day, with the Dow ending up just 0.1 per cent and the S&P 500 and Nasdaq both closing lower, ending three days of gains that Peter Cardilo of Spartan Capital Securities said were “a little overboard” ahead of the unemployment report. Imports in the month dropped to US$200.7 billion, a more modest 13.7 per cent or US$32 billion decrease.