The pandemic's impact on jobs is far from over. Another 1.5 million Americans filed new jobless claims last week bringing the total number of new jobless claims filed since mid-March to more than 47 million.
While many people have returned to work, some 19.5 million workers are still receiving unemployment and another 1.5 million filing new jobless claims last week.
"To some degree it is positive in that it sits below the almost 7 million we saw at one point in March," said Chuck Minnich of Foundation Capital Management, LLC.
Weekly unemployment filings have slowly decreased since peaking in late March.
"So, at least there's more hiring than firing," said Minnich. "But it's the second week in a row that it was higher than expected."
Due in part to some reopening's not going as smoothly as anticipated in New Jersey:
"This brings the department's totals during the duration of this pandemic to date to nearly 1.3 million total claims and $8.2 billion in total benefits paid," said Governor Phil Murphy.
And the New Jersey Department of Labor's call center continues to be swamped with claim-related issues.
"We understand that some residents are still experiencing wait times and for that we continue to urge your patience," said Murphy.
"It wasn't good news there either. Their claims went up almost 15% which was a bit of a surprise," said Minnich.
Minnich said another issue on the horizon is this:
"Right now, people who are on unemployment are getting $600 a week federal supplement. That is set to expire on July 31," he said.
So his advice for consumers? Save as much cash as you can to bridge the gap until you're able to return to work.
That's one glimmer of hope thanks in large part to the $6 trillion in federal stimulus money.
"So, you have that stimulus coupled with record low interest rates, low energy prices, and a good amount of pent up demand and when this does recover, it should be like a coiled spring," said Minnich.
Another 1.5 million jobless claims filed last week
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