Applications for US unemployment benefits gradually eased last week despite a stream of business reopenings, underscoring the longer-term labour market challenges caused by the coronavirus pandemic.
Initial jobless claims for regular state programmes totalled 1.54 million in the week ending June 6, down from 1.9 million in the prior week, Labour Department figures showed on Thursday. Applications for unemployment insurance have fallen consistently each week since peaking at the end of March, but the volume of weekly filings is still more than double the worst week during the Great Recession.
The median estimate in a Bloomberg survey of economists called for 1.55 million initial claims in the latest week.
Continuing claims – the total number of Americans claiming ongoing unemployment benefits in state programmes – decreased by less than estimated to 20.9 million in the week ending May 30. Those figures are reported with a one-week lag. The four-week average of continuing claims declined for a second week, to 22 million.
When paired with the May employment report out last week, which showed employers added 2.5 million workers to payrolls in the month, Thursday’s data underscores the degree of churn in today’s labour market. Millions of Americans are returning to work, businesses are reopening and many restaurants are once again serving dine-in customers.
At the same time, companies continue to face diminished demand and are laying off workers as a result of the financial strain. The worst of the coronavirus-related layoffs is likely to be over, but the secondary effects of what may ultimately be the deepest recession in almost a century could persist for much longer.
Federal Reserve chair Jerome Powell expressed concern on Wednesday about longer-term unemployment challenges after the pandemic. “My assumption is that there will be a significant chunk, well, well into the millions of people who don’t get to go back to their old jobs and there may not be a job in that industry for them for some time," he said. "It could be some years before we get back to those people finding jobs.”
Yields on 10-year Treasuries extended their decline following the report, while US stock futures remained sharply lower amid concern about the virus and the speed of the economic recovery.
While many states saw declines in continuing claims, several saw significant increases including California, Florida and Oregon – potentially reflecting the processing of a backlog of claims. Florida saw an increase of about 306,000 from the prior week.
Given the unprecedented surge of claims in recent months, many economists look to the non-seasonally adjusted figures for a more accurate read on claims. Unadjusted initial claims fell by about 83,000 last week, compared with the seasonally adjusted decline of 355,000.
Many states recorded increases in initial claims, including California with about 29,000, Massachusetts at about 17,000 and New York with about 12,000. Florida recorded the largest decrease, at about 97,000.
In the week ending June 6, states reported 705,676 initial claims for Pandemic Unemployment Assistance, the federal programme that extends unemployment benefits to those not typically eligible like the self-employed. The total number of unadjusted continuing claims in all programmes fell slightly to 29.5 million in the week ending May 23.
What is Genes in Space?
Genes in Space is an annual competition first launched by the UAE Space Agency, The National and Boeing in 2015.
It challenges school pupils to design experiments to be conducted in space and it aims to encourage future talent for the UAE’s fledgling space industry. It is the first of its kind in the UAE and, as well as encouraging talent, it also aims to raise interest and awareness among the general population about space exploration.
SANCTIONED
- Kirill Shamalov, Russia's youngest billionaire and previously married to Putin's daughter Katarina
- Petr Fradkov, head of recently sanctioned Promsvyazbank and son of former head of Russian Foreign Intelligence, the FSB.
- Denis Bortnikov, Deputy President of Russia's largest bank VTB. He is the son of Alexander Bortnikov, head of the FSB which was responsible for the poisoning of political activist Alexey Navalny in August 2020 with banned chemical agent novichok.
- Yury Slyusar, director of United Aircraft Corporation, a major aircraft manufacturer for the Russian military.
- Elena Aleksandrovna Georgieva, chair of the board of Novikombank, a state-owned defence conglomerate.
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New UK refugee system
- A new “core protection” for refugees moving from permanent to a more basic, temporary protection
- Shortened leave to remain - refugees will receive 30 months instead of five years
- A longer path to settlement with no indefinite settled status until a refugee has spent 20 years in Britain
- To encourage refugees to integrate the government will encourage them to out of the core protection route wherever possible.
- Under core protection there will be no automatic right to family reunion
- Refugees will have a reduced right to public funds
If you go
The flights
Etihad and Emirates fly direct from the UAE to Chicago from Dh5,215 return including taxes.
The hotels
Recommended hotels include the Intercontinental Chicago Magnificent Mile, located in an iconic skyscraper complete with a 1929 Olympic-size swimming pool from US$299 (Dh1,100) per night including taxes, and the Omni Chicago Hotel, an excellent value downtown address with elegant art deco furnishings and an excellent in-house restaurant. Rooms from US$239 (Dh877) per night including taxes.
Zayed Sustainability Prize
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GIANT REVIEW
Starring: Amir El-Masry, Pierce Brosnan
Director: Athale
Rating: 4/5
COMPANY PROFILE
Founders: Alhaan Ahmed, Alyina Ahmed and Maximo Tettamanzi
Total funding: Self funded
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2025 Fifa Club World Cup groups
Group A: Palmeiras, Porto, Al Ahly, Inter Miami.
Group B: Paris Saint-Germain, Atletico Madrid, Botafogo, Seattle.
Group C: Bayern Munich, Auckland City, Boca Juniors, Benfica.
Group D: Flamengo, ES Tunis, Chelsea, Leon.
Group E: River Plate, Urawa, Monterrey, Inter Milan.
Group F: Fluminense, Borussia Dortmund, Ulsan, Mamelodi Sundowns.
Group G: Manchester City, Wydad, Al Ain, Juventus.
Group H: Real Madrid, Al Hilal, Pachuca, Salzburg.
Skoda Superb Specs
Engine: 2-litre TSI petrol
Power: 190hp
Torque: 320Nm
Price: From Dh147,000
Available: Now
The Comeback: Elvis And The Story Of The 68 Special
Simon Goddard
Omnibus Press
THE BIO
Born: Mukalla, Yemen, 1979
Education: UAE University, Al Ain
Family: Married with two daughters: Asayel, 7, and Sara, 6
Favourite piece of music: Horse Dance by Naseer Shamma
Favourite book: Science and geology
Favourite place to travel to: Washington DC
Best advice you’ve ever been given: If you have a dream, you have to believe it, then you will see it.
