U.S. weekly jobless claims hit 1.877 million, vs. 1.775 million expected.
Filings for unemployment insurance claims totaled 1.877 million last week in a sign that the worst is over for the coronavirus-related jobs crisis but that the level of unemployment remains stubbornly high.
This was the first time the government's weekly jobless claims report came under 2 million since the week ended March 14. The insured unemployment rate, which is a simple measure of those collecting benefits compared with the total labor force, rose 0.5 percentage points to 14.8%.The numbers came the day before the Labor Department releases its nonfarm payrolls report for May. Economists surveyed by Dow Jones are expecting a decline of 8.3 million and a 20.5% unemployment rate, more than double the highest previous level since the Great Depression.
A day before the jobless claims report, ADP's private payrolls report on Wednesday showed a decrease of 2.76 million positions in May. While that remains far higher than anything the U.S. economy saw in the pre-coronavirus era, it was well off Wall Street expectations of an 8.75 million decline.
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