New unemployment claims in N.J. reach lowest levels of pandemic

Andrew Cummings
August 8, 2020

The U.S. unemployment rate dropped to 10.2% in July, falling slightly below June's 11.1%, according to the Bureau of Labor Statistics.

Looking at the population as a whole, the percentage of people employed did not change much from June to July, but more of the people who were employed were in part-time jobs.

If those predictions hold true, America would still be down some 13 million jobs since February, and the unemployment rate would still be higher than at the peak of the 2007-09 financial crisis.

As a Yahoo Finance review of jobless claims data showed last week, some states are recovering more quickly than others, but all are still struggling with varying economic restrictions tied to controlling the spread of the coronavirus.

About one-third of the jobs gained in July were created in the leisure and hospitality sector, with employment in food services and drinking places rising by just over half a million.

After two straight weeks of rises, weekly jobless claims filed with states - one of the most timely snapshots of labour market health - fell by almost a quarter of a million in the week ending August 1, the Bureau of Labor Statistics reported on Thursday. The trend across Canada was mostly for part-time jobs as well, but there was a slight increase in full-time employment. Workers will continue to receive the $600 CARES Act supplement for eligible claims for weeks ending April 4 through July 25.

Retail added just over a quarter million jobs in July, but employment in the sector is still off by almost a million since February. Adult women recorded an unemployment rate of 10.5%, while adult men saw a rate of 9.4%.

By age, teenagers have the highest rates of 19.3%. Hawaii, California, Louisiana, and NY round out the top five states, all suffering with unemployment rates that top 16%.

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