Number of U.S. Jobless Claims Hit Pandemic Gulch

U.S. government figures released Thursday indicated first-time claims for unemployment benefits totaled 2.1 million last week, the lowest total since the coronavirus crisis began though indicative that a historically high number of Americans remain separated from their jobs.

Economists surveyed by Dow Jones had been looking for 2.05 million. The total represented a decrease of 323,000 from the previous week’s upwardly revised 2.438 million.

Continuing claims, or those who have been collecting for at least two weeks, numbered 21.05 million, a clearer picture of how many workers are still sidelined. That number dropped sharply, falling 3.86 million from the previous week.

Since the pandemic was declared in mid-March, more than 40 million Americans have filed claims.

An total 1.19 million filed claims through the Pandemic Unemployment Assistance program last week.

The high jobless numbers persist south of the border even as all states have reopened their economies to various extents. Las Vegas casinos will be resuming activities late next week, Disney resorts also have targeted July reopening dates and Los Angeles is allowing retail stores to resume business. Restrictions are likely to be loosened soon in New York as well.