Settling Into a New Normal and What That Means for Jobs Recovery

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The Labor Department reported that 412,000 Americans filed new claims for state unemployment benefits. Economists surveyed by Dow Jones expected 360,000 new jobless claims. The previous week’s level was revised down by 1,000 from 376,000 to 375,000. The 4-week moving average was 395,000, a decrease of 8,000 from the previous week’s revised average. This is the lowest level for this average since March 14, 2020, when it was 225,500. Despite falling new jobless claims, almost 16 million Americans were still on some form of government assistance through all unemployment programs as of early June.

The Federal Reserve chair Jerome Powell

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