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More than 3 million Americans filed for unemployment last week, but claims are falling - CBS News
May 29, 2020 57 secs

More than 3 million Americans applied for unemployment benefits last week, raising to more than 42 million the number of workers who have lost jobs since the coronavirus crippled the economy.

Some 2.1 million people filed for unemployment benefits in the week ending May 23, the Labor Department said Thursday.

Another 1.2 million applied for Pandemic Unemployment Assistance, a new federal program expanding jobless aid to self-employed and gig workers.

The number of initial unemployment claims has been dropping for eight straight weeks.

And the number of workers who are receiving unemployment benefits dropped by 3.9 million from May 9 to May 16.

"The decline in continuing claims is encouraging, signaling at least some people are finding jobs or are being rehired as the economy is reopening," Rubeela Farooqi of High Frequency Economics told investors in a report.

The big question on policymakers' minds is how quickly spending bounces back as businesses reopen, and how many workers who have lost jobs or been furloughed during the coronavirus crash will return to work.

About 80% of those who became unemployed in April expect to be back at their jobs within six months, according to Labor Department figures. .

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