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July 2, 2020

FROM: Steven Davi

Steven N. Davi

Executive Director and General Counsel

Positive Signs in Unemployment Numbers

According to the latest report from the Bureau of Labor Statistics, the U.S. economy showed positive job gains for the second straight month in June, adding 4.8 million jobs, and the unemployment rate fell to an approximate 11 percent from an adjusted 16.4 percent in May.  Parsing the numbers, there has been a significant rebound in industries that once experienced the greatest job losses due to COVID-19, such as leisure and hospitality and retail, as the economy slowly continues to recover.  With that being said, the Bureau’s reporting was conducted in mid-June, meaning recent developments, like the surge in coronavirus cases and resultant closures or pauses in reopening in several states, are not captured in the Bureau’s data.

States reported that approximately 1.4 million U.S. workers filed for new unemployment benefits during the week ending June 27.  First-time claims have fallen for 13 straight weeks since hitting a record 6.8 million in late March, 2020.  Moreover, the total number of workers continuing to claim unemployment benefits held at 19 million last week after peaking at nearly 25 million in early May.  Another 12.8 million people continue to claim unemployment under the newly created Pandemic Unemployment Assistance program providing jobless benefits to workers previously not eligible for unemployment. 

We will continue to provide updates on any and all material developments in this regard as they occur.

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