Jobless Claims Rise; Unemployment and Continuing Claims Fall

Headline Roundup May 28th, 2020

Jobless claims rose by 2.1 million last week to over 41 million since the COVID-19 coronavirus pandemic began. 21 million of those are continuing claims, down from roughly 25 million the previous week. Unemployment fell from 17.1% to 14.5%; meanwhile, roughly 27 large companies filed for bankruptcy so far in May.

Typically, coverage from right-rated outlets framed the numbers as being indicative of an upwards trend, while coverage from left-rated outlets concentrated on the still-dire circumstances surrounding many small businesses and members of the working class.

Jobless Claims Rise; Unemployment and Continuing Claims Fall

From the Left
302

Roughly 2.1 million Americans lost their jobs last week, according to Labor Department data. In this economy, that qualifies as good news.

Yes, 2.1 million initial unemployment claims is an awful lot of initial unemployment claims. But it is also a smaller number of claims than were filed the previous week. In fact, the number of Americans applying for first-time jobless benefits has now declined for eight straight weeks. More significantly, the number of Americans who just joined the unemployment roles is smaller than the number who just left them:...

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From the Center
302

First-time claims for unemployment benefits totaled 2.1 million last week, the lowest total since the coronavirus crisis began though indicative that a historically high number of Americans remain separated from their jobs.

Economists surveyed by Dow Jones had been looking for 2.05 million. The total represented a decrease of 323,000 from the previous week’s upwardly revised 2.438 million.

Continuing claims, or those who have been collecting for at least two weeks, numbered 21.05 million, a clearer picture of how many workers are still sidelined. That number dropped sharply, falling 3.86...

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From the Right
302

New claims for unemployment benefits fell to 2.123 million last week, data from the Department of Labor showed Thursday.

That brings new unemployment claims, a proxy for layoffs, since the coronavirus pandemic began to claim jobs ten weeks ago to nearly 40 million.

Economists had been expecting around 2.1 million for weekly claims. The prior week was revised up by 8,000 to 2,438,000.

Claims hit a record 6.87 million for the week of March 27. Each subsequent week has seen claims decline.

Continuing claims, those made after an initial application,...

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