National CRE News In Your Inbox.
Sign up for Connect emails to stay informed with CRE stories that are 150 words or less.
U.S. Jobless Claims Fall for 10th Straight Week
Initial claims for state unemployment benefits fell 355,000 to a seasonally adjusted 1.542 million nationally for the week ended June 6, Reuters reported Thursday. The 10th straight weekly decline pulled claims further away from a record 6.867 million in late March.
Economists polled by Reuters had forecast 1.55 million new claims in the latest week. Even so, claims are more than double their peak during the 2007-09 Great Recession.
The Federal Reserve indicated on Wednesday it would provide years of extraordinary support for the economy, with Fed Chair Jerome Powell cautioning there would be an “extended period” where it will be “difficult for many people to find work.”
“The economy won’t be fully recovered until the labor markets say everyone has got their jobs and paychecks back to help the country spend its way to sustainable prosperity,” Chris Rupkey, chief economist at MUFG in New York, told Reuters.
For comments, questions or concerns, please contact Paul Bubny
- ◦Economy
