Charlotte, NC – Unemployment numbers fell for a second straight month following the coronavirus shut downs. The US added jobs in May and followed that up by adding 4.8 million more jobs in the month of June. This brings US unemployment down to 11.1 %.
Across the media, stories were focused on initial jobless claims, rather than the good news of the June report. The economic reports continue to look good for the United States, even as coronavirus concerns linger. For example, ADP Research Institute and Moody’s Analytics both reported that private employers added approximately 2.4 million employees to their payrolls in June.
While the news continues to improve for the economy, there are still over 19 million Americans on insured unemployment according to the US Labor Department. The latest unemployment claims were released on Thursday, showing that over 1.4 million people signed up for unemployment last week.
Unemployment Insurance Weekly Claims
Initial claims were 1,427,000 for the week ending 6/27 (-55,000).
Insured unemployment was 19,290,000 for the week ending 6/20 (+59,000).https://t.co/ys7Eg5LKAW
— U.S. Department of Labor (@USDOL) July 2, 2020
While the economic information should be a boost for confidence, the eyes of Congress is focused on a new coronavirus stimulus plan. President Trump, Democrats, and Republicans have all released a wide array of proposals for a new aid plan. It is expected a new plan would be proposed by end of the year.
One of the major points of this new plan would be a bonus to Americans to encourage them to go back to work. Many feel that the workforce has been encouraged not to seek work due to the expanded unemployment benefits included as part of the Cares Act.
Stay tuned to The Liberty Loft as we keep you up to date on the latest developments in the situation. Be sure to subscribe to The Liberty Loft’s daily newsletter. If you enjoy our content, please consider donating to support The Liberty Loft so we can continue to deliver great content.
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