More than 1.5 million Americans filed new claims for unemployment insurance during the first week of June, the Labor Department reported Thursday—the lowest level since the start of the coronavirus pandemic but still well above historic norms.
Consumers took a deep breath in May, and it showed. The Conference Board, New York, reported its Consumer Confidence Index held steady in May, following sharp declines in March April that saw it drop to its lowest level in six years.
Another 2.4 million Americans filed initial jobless claims last week, the Labor Department reported yesterday, bringing to 38.6 million workers who have applied for unemployment assistance since the coronavirus pandemic clobbered the U.S. economy nine weeks ago.
The Conference Board, New York, said its Consumer Confidence Index deteriorated further in April, following a sharp decline in March. The Index now stands at 86.9, its lowest level since 2014, down from 118.8 in March and 130.7 in February.
The Labor Department on Thursday said unemployment claims skyrocketed to 3.3 million—the first real indicator of just how potentially devastating the economic effects of the coronavirus can be at the personal and national levels.