United States economy adds 2.5 million jobs in May, unemployment falls to 13.3%

United States economy adds 2.5 million jobs in May, unemployment falls to 13.3%

United States economy adds 2.5 million jobs in May, unemployment falls to 13.3%

The Pennsylvania Department of Labor and Industry recently reported a new unemployment compensation scam. Meanwhile, the added incentive to stay on government insurance has made securing forgivable government loans under the Paycheck Protection Program (PPP) for small businesses more hard, as a key provision for loan forgiveness includes rehiring furloughed staff.

Some good news - The number of those filing unemployment is going down weekly.

ME had uncovered and canceled at least 2,200 fraudulent claims and was investigating at least 1,000 more as of last Wednesday. Most of those states are beginning to partially reopen their economies.

New claims for state unemployment benefits likely totaled a seasonally adjusted 1.8 million for the week ended May 30, down from 2.123 million the prior week, according to a Reuters survey of economists.

Boeing and pipeline operator Energy Transfer have announced layoffs, while some big retailers like JC Penney and high-end chain Neiman Marcus have filed for bankruptcy. The state is accepting PUA applications, and paying them out, but just not reporting the activities yet, said Napier, who expects work on the program for PUA data reporting to be complete either this week or next week. "Continuing claims for the week ending May 16 fell by 3.9 million, to 21.052 million, leading to a drop in the insured unemployment rate to 14.5 percent, from 17.1 percent previously", Barclays said in a note to clients on May 29.

"This and other indicators suggest not that the job market is improving, but that it's getting bad less quickly", Jared Bernstein, senior fellow at the Center on Budget and Policy Priorities think tank, said on Twitter.

Thursday's new numbers however, still break the previous record for most claims made in a single week set in 1982 with 695,000.

Before the pandemic, the United States unemployment rate stood at 3.5%, a 50-year low. There were another 13,500 initial claims for federal Pandemic Unemployment Assistance.

The US economy added 2.5 million jobs last month as the nation began its recovery from the coronavirus crisis, the feds said Friday. The week of April 4th saw the highest number of unemployment claims in Tennessee with 116,141 new claims filed.

The current economic downturn is largely attributable to efforts to contain the spread of the coronavirus.

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