July jobs report could show no progress and even reversal as virus spreads [MSNBC.com]
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Source: MSNBC.com
Hundreds of unemployed Kentucky residents wait in long lines outside the Kentucky Career Center for help with their unemployment claims on June 19, 2020 in Frankfort, Kentucky.John Sommers IIPersistently high unemployment claims show the impact of the spreading virus on the workforce, and economists are already warning that July's employment report could show no progress or even job losses.The Labor Department saidThursday thatinitial jobless claims came in at 1.416 millionThe number of people continuing to collect state unemployment benefits fell by 1 million to 16.2 million for the week ending July 11. That data is delayed by one week. Another , in data available through the week of July 4."They [claims] were coming down for awhile in April and May and they were leveling off in June, and that's persisted to mid-July," said Kevin Cummins, chief U.S. economist at NatWest . "There's kind of a disconnect between the employment report and these layoff numbers. ... They're more suspect be
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