We’re still trying to figure out where everyone is going to work
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States have started cutting federal unemployment benefits. We're starting to see that show up in the jobless claims numbers.
Weekly jobless claims are back on a downward trajectory. The cuts to federal pandemic unemployment benefits in certain states may not have a huge effect on June hiring and unemployment numbers, however, which are out this Friday. It’s a little early for the cuts to be reflected in that data, said Julia Coronado, founder and president of MacroPolicy Perspectives. That its, it remains to be seen if a cut in unemployment benefits will correspond with an acceleration in hiring or not. Coronado said the consensus number for jobs created in June is around 700,000. That would be a little bit of a pickup in pace compared to May.