Applications for unemployment benefits in the U.S. fell less than forecast last week, showing only gradual improvement from the worst of the pandemic-related layoffs even as states reopen more of their economies. Initial jobless claims for regular state programs totaled 1.51 million in the week ended June 13, down slightly from an upwardly revised 1.57 million in the prior period, Labor Department figures showed Thursday. The 58,000 weekly drop was the smallest since claims began to retreat in early April. Continuing claims — the total number of Americans claiming ongoing unemployment benefits in state programs — decreased to 20.5 million in the week ended June 6, compared with a median projection of 19.9 million. Those figures are reported with a one-week lag.
“The employment data are very unconvincing, it’s one of the things causing the markets to stall,” said Aneta Markowska, chief financial economist at Jefferies. “Without employment starting to cooperate or participate in the recovery, you’re not able to sustain the consumer spending which helps drive the market.”