The number of applications for unemployment benefits in the US fell more than forecast

According to the US Department of Labor, the number of applications for unemployment benefits continued to decline last week, although it may take a lot of time to fully recover the labor market after a pandemic.

The number of Americans applying for unemployment benefits for the first time in the week of June 6 was 1.542 million. Analysts surveyed by Bloomberg, on average, predicted a decrease in the number of applications to 1.55 million.

The number of applications is gradually decreasing after reaching a historical maximum of 6.867 million in the week ended March 28. The number of people continuing to receive unemployment benefits fell less than expected to 20.929, compared with 21.268 million a week earlier.

In May, the number of jobs in the US economy increased by 2.509 million. Unemployment fell to 13.3% from 14.7% in April.