WASHINGTON, D.C. (NBC) – For nine straight weeks, the number of people applying for first-time unemployment benefits has fallen. But the number of people without employment remains extremely high.
The Labor Department reports 1.87 million people applied for unemployment benefits last week. Analysts believe this reduced number likely means the worst is over for coronavirus-related job losses. But the number of unemployed people is still at historic highs.
Continuing claims, or the number of people receiving unemployment benefits for two weeks or longer, is up nearly 650,000, to 21.5 million. And the insured unemployment rate, or the percentage of people collecting benefits compared to the entire labor force, is up a half of a percent to 14.8 percent.
Tomorrow, the Labor Department is expected to release its non-farm payrolls report for May. It’s expected to show an unemployment rate of 19.5 percent.
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