Dr. Joe Rush is matching Giving Tuesday gifts for new and current members - but we only have a few more hours! ⏰ Donate Now!
The job market meltdown that was triggered by the coronavirus may have bottomed out. Olivier Douliery/AFP via Getty Images
COVID-19

Weekly jobless claims drop to 1.9 million, as state reopenings slow layoffs

Associated Press Jun 4, 2020
The job market meltdown that was triggered by the coronavirus may have bottomed out. Olivier Douliery/AFP via Getty Images

Nearly 1.9 million people applied for U.S. unemployment benefits last week, the ninth straight decline since applications spiked in mid-March, a sign that the gradual reopening of businesses has slowed the loss of jobs.

The diminishing pace suggests that the job market meltdown that was triggered by the coronavirus may have bottomed out as more companies call at least some of their former employees back to work. The total number of people who are now receiving jobless aid rose only slightly to 21.5 million, suggesting that rehiring is offsetting some of the ongoing layoffs.  

There’s a lot happening in the world.  Through it all, Marketplace is here for you. 

You rely on Marketplace to break down the world’s events and tell you how it affects you in a fact-based, approachable way. We rely on your financial support to keep making that possible. 

Your donation today powers the independent journalism that you rely on. For just $5/month, you can help sustain Marketplace so we can keep reporting on the things that matter to you.