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

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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.