US citizens jobless

The number of Americans seeking unemployment benefits remained in the millions for an eighth straight week as the economy continued to reel from the coronavirus pandemic.

Initial jobless claims in state programs totalled 2,98 million in the week ended May 9, Labour Department figures showed yesterday, following 3,18 million the prior week. While filings have eased for a sixth straight week, they failed to decline as much as economists had projected, with a median estimate of 2,5 million. US stocks fell at the open, while 10-year Treasury yields were lower and the dollar remained higher.

With the latest numbers, a total of 36,5 million applications for unemployment insurance have been filed since the virus began shutting down businesses in mid-March. That’s close to the level of all claims filed during the last recession, which ran for 18 months.

Continuing claims – the total number of Americans already receiving unemployment benefits – increased to a record 22,8 million in the week ended May 2. —

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