U.S. weekly unemployment claims fall below 2 million for first time since mid-March GlobeBusiness
, the Labor Department reported on Thursday. Economists polled by Reuters had forecast 1.8 million initial claims in the latest week.
Economists said the stubbornly high number of unemployment claims comes from a second wave of layoffs as businesses navigate weak demand, as well as some lingering backlogs at state unemployment offices overwhelmed by the flood of applications early in the shutdown. Boeing and pipeline operator Energy Transfer have announced layoffs, while some big retailers like JC Penney and high-end chain Neiman Marcus have filed for bankruptcy. States and local governments, whose budgets have been decimated by the COVID-19 fight, are also cutting jobs.
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