Another 1.5 Million File For Unemployment As States Continue To Reopen Economies
The pain in the job Marketplace continues as an additional 1.5 million Hunted jobless benefits for the first time a week, down 355,000 in the prior week.
Continued claims dropped by 339,000 to 20.9 million, a sign that more people are returning to work as the economy reopens after pandemic lockdowns.
More than 44 million promises are registered in the past 12 weeks.
The Federal Reserve is projecting that the unemployment rate will be greater than 9 percent by year end, falling to 6.5percent by the end of 2021.
That’s down from last month’s lower-than-expected 13.3% rate But up sharply from an almost 50-year low of 3.5% before this year before the coronavirus catastrophe closed down much of their market.
Employers added 2.5 million jobs in May, but they slashed 20.7 million only a month earlier.