The pace of layoffs in the United States continues to slow down, but the level remains far higher than any pre-pandemic week.
But the level remains far higher than any pre-pandemic week. In the same week of 2019, only 211,000 people filed initial claims for jobless benefits.
With cases spiking in a number of states including Florida, Texas, and California, governors have reimposed some lockdown measures or suspended their reopening protocols. And the US could suffer a second wave of layoffs as more states see spiking case counts, and once expanded jobless benefits expire.
The unemployment rate in June dropped to 11.1% as 4.8 million jobs were added, with huge gains in theTrump says the"crisis is being handled" and the economy is"roaring back."Treasury Secretary Steven Mnuchin acknowledged the new virus"hot spots" in the country on Thursday, but overall offered an upbeat assessment.
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