A second wave of layoffs amid weak demand and fractured supply chains is likely keeping new U.S. applications for unemployment benefits elevated, supporting views that the economy faces a long and difficult recovery from the COVID-19 recession.
People line up outside a temporary unemployment office established by the Kentucky Labor Cabinet at the State Capitol Annex in Frankfort, Kentucky, U.S. June 17, 2020. REUTERS/Bryan Woolston
Initial claims for state unemployment benefits likely totaled a seasonally adjusted 1.3 million for the week ended June 13, down from 1.542 million in the prior week, according to a Reuters survey of economists. “The economy is losing workers and employment beyond the initial impact tied to businesses that shut down. There are a lot of industries that are getting hurt and that’s starting to cascade down, that is what those numbers are showing.”
“There are continued layoffs across industrial sectors with some risk to white collar jobs as we move past this tranche of government aid,” said Joe Brusuelas, chief economist at RSM in New York. “There are concerns of bankruptcies, which will force firms to reduce head count.”
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