Economy

Another 1.5M Americans File For Unemployment, But Durable Goods Orders Rebound

job search

The nation’s economic numbers were a mixed bag Thursday (June 25) with a higher-than-expected 1.5 million Americans filing jobless claims while durable goods orders rose by nearly 16 percent in May.

The number of Americans seeking unemployment benefits fell for the 12th consecutive week to 1,480,000 from a revised 1,508,000 a week earlier as the slow U.S. economic recovery continues, according to the U.S. Labor Department.

While claims continue to fall, Thursday’s total was still higher than the roughly 1.4 million claims that analysts had expected, and also brings the post-COVID-19 total to more than 47 million. It’s also the 14th straight week that claims have exceeded 1 million.

“Three months into the unprecedented economic downturn ignited by the COVID-19 outbreak, the nation’s job market is mired in uncharted and heartbreaking territory,” said Mark Hamrick, senior economic analyst with Bankrate.com. “The highly elevated but declining levels of new and continuing unemployment claims suggest tens of millions of Americans are still in dire straits.”

The largest increases in initial claims for the week ending June 13 were in Oklahoma (7,254), Texas (5,047), New Jersey (3,272), New York (1,351) and Louisiana (1,243) while the largest decreases were in Florida (24,013), Maryland (18,188), Massachusetts (14,731), California (14,412) and Michigan (6,543).

However, the worse than expected jobless claims numbers came out at the same time as the U.S Census Bureau reported that new orders for durable goods in May increased 15.8 percent to $194.4 billion. Last month’s boost follows two consecutive monthly decreases, including an 18 percent drop in April.

Transportation equipment led the increase, rising nearly 81 percent to $46.9 billion following two consecutive monthly decreases.

——————————

NEW PYMNTS DATA: HOW WE SHOP – SEPTEMBER 2020 

The How We Shop Report, a PYMNTS collaboration with PayPal, aims to understand how consumers of all ages and incomes are shifting to shopping and paying online in the midst of the COVID-19 pandemic. Our research builds on a series of studies conducted since March, surveying more than 16,000 consumers on how their shopping habits and payments preferences are changing as the crisis continues. This report focuses on our latest survey of 2,163 respondents and examines how their increased appetite for online commerce and digital touchless methods, such as QR codes, contactless cards and digital wallets, is poised to shape the post-pandemic economy.

TRENDING RIGHT NOW