In the history of mankind, many republics have risen, have flourished for a less or greater time, and then have fallen because their citizens lost the power of governing themselves and thereby of governing their state. TR


Jobless claims stubbornly steady at 1.5 million

Trump is running out of time for the “V-shaped” recovery to begin.

According to the Wall Street Journal:

The number of workers seeking jobless benefits was steady at a historically high 1.5 million as the job market’s slow recovery faced new infections that could impede getting people back to work.

Applications for unemployment benefits have slowly eased from a late March peak of nearly 7 million but also remain well above pre-pandemic levels. Meanwhile, the benefits total, known as continuing claims, was 19.5 million in the week ended June 13 the Labor Department reported Thursday, also stabilizing near a historically high 20 million seen in previous weeks.

While the figures have offered signs the labor market is slowly healing, economists say a recent increase in coronavirus cases could affect efforts to reopen the economy and get people back to work.

“We’re seeing a slowdown in layoffs, but hiring hasn’t picked up a tremendous amount,” said Nick Bunker, economist at the job site Indeed. “The recovery from this is going to potentially be a very long slog if we can’t get the virus under control quickly.” 

States where the coronavirus is spreading the most are experiencing a slowdown in economic activity, according to Jefferies. Some states, such as Arizona, Texas and Utah, are seeing contractions in activity, Jefferies added.