U.S. unemployment benefits fell from 1.9 million last week to 1.54 million last week.
Last week, the number of applicants to benefit from the unemployment pension in the USA continued to decline gradually with the reopening of businesses. This highlights the long-term labor market challenges resulting from the coronavirus pandemic.
Applications for unemployment benefits reached 1.54 million a week, which ended on June 6th. Applications were at 1.9 million previous week. Applications fell gradually after peaking at the end of March, but the total number of weekly applications is still more than twice the worst week in the Grand Recession period.
According to the median of the estimates of the economists who took part in Bloomberg’s survey, unemployment benefits were expected to reach 1.55 million last week.
While the interest rate of US 10-year Treasury bonds continued to decline after the data, US index futures kept their low levels as concerns about coronavirus and the pace of economic recovery increased.
Ongoing applications, showing the total number of those benefiting from unemployment benefits, fell less than expected, falling to 20.9 million during the week of 30 May. According to the average of the four-week movement, the start-ups decreased to 22 million in the second week in a row.