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It is "a positive for the economy as more people are going back to work as states begin the re-opening process," said Chris Zaccarelli of the IAA.
"At this pace, claims won't be back below 1 million until September," said Ian Shepherdson, chief economist at Pantheon Macroeconomics.
A lack of stricter job-preservation policies and expanded unemployment benefits will prolong the US's labor-market recovery, Goldman economists said.
"Each week of such high claims is a disaster in its own right," said Ian Shepherdson, chief economist at Pantheon Macroeconomics.
"We are becoming less hopeful of a quick drop in jobless claims below the one million mark," said Ian Shepherdson of Pantheon Macroeconomics.
Nobel laureate Joseph Stiglitz sees prolonged double-digit US unemployment without further government aid
"We have a very weak labor market," Stiglitz told Bloomberg television in a Monday interview. He added that the US unemployment rate is moving to 25%.
Job openings in March fell to lowest level since 2017 in the earliest weeks of the coronavirus pandemic
JOLTS for March "only captured part of the coronavirus shock, but the numbers released this morning are still astounding," said Nick Bunker at Indeed.
Weekly jobless claims in the US "remain grotesquely high by all but the most recent standards," said Ian Shepherdson of Pantheon Macroeconomics.
Goldman estimates that consumer services spending dropped 20% from its pre-virus levels in April, with a collapse in transportation and hotel sectors.
"If the current rate of decline continues, claims will dip below 1M in the second or—more likely—third week of June," said economist Ian Shepherdson.