LANSING, Mich. — Another 1-point-3 million people filed new unemployment claims last week, according to labor department. We've seen more than a million new jobless claims for 17-weeks straight. Alicia Nieves shows us where jobs are rebounding and the new concerns moving forward.
There’s been a significant bounce back in the U.S. job market according to the Bureau of Labor statistic latest monthly unemployment report.
4.8 million people were able to go back to work in June.
Businesses in “hospitality and leisure” (2.1 mil jobs added back), “Food Services and Drinking” (1.5 mil jobs added back), and Retail (740,000 jobs added back) were able to do the most re-hiring.
“The job market bounced back pretty strongly in June, but we have to keep everything into perspective.”
Ryan Sweet is an economist with Moody’s analytics
“Looking at where we were prior to the coronavirus we are still down roughly 15 million jobs. That is an enormous hole.”
Economists, like Sweet, say the job rebound seen in June is likely over…
He think we’ll see a lull when July numbers come out next month
“The lull, it is unclear how long that will last. We are hoping until the end of this year.”
"Hoping" … because coronavirus cases continue to surge …
“There’s a possibility we actually see a decline in employment.”
Companies like United Airline and American Airlines are already signaling a warning to Congress… Both recently reporting they may have to each lay off 25,000 workers… and Analysts predict, if other airlines have to do the same, the industry could lose up to 250,000 jobs.
More concerning, the airline industry is not the only sector now signaling serious job loss to come.
“The ones that I am most nervous about are state and local governments because it seems that there is less urgency for lawmakers to pass fiscal stimulus. If we don’t get another round of fiscal stimulus this lull is going to turn into a contraction.”
Congress has been talking for two months about another stimulus package but there is no clear signal that one will come in time.
"The fact that we are still seeing new filings in excess of a million a week, it is heartbreaking and it is alarming.”
Want to see more local news ? Visit the FOX47News Website.
Stay in touch with us anytime, anywhere.
Download our free app for Appleand Android
and
Sign up for newsletters emailed to your inbox.
Select from these options: Breaking News, Severe Weather, School Closings, Daily Headlines and Daily Forecasts.
