Many more likely sought US jobless aid even as layoffs slow

Many analysts expect hiring to slow with much of the economy still shut down and consumers still wary of traveling, shopping, eating out or attending large events.

A man walks past Marco's Pizza, which is now hiring, Friday, June 5, 2020, in Euclid, Ohio. U.S. unemployment dropped unexpectedly in May to 13.3% as reopened businesses began recalling millions of workers faster than economists had predicted, triggering  

WASHINGTON: The U.S. government is set to issue its latest report Thursday on the layoffs that have left millions unemployed but that have markedly slowed as many businesses have partially reopened and rehired some laid-off workers.

The pace of job cuts has declined in the nearly three months since the coronavirus struck hard, forcing business closures and sending the economy into recession. The dwindling pace of jobless claims suggests that the devastation in the job market has bottomed out. Still, by historical standards the number of weekly applications remains high.

On Friday, the government surprisingly reported that the economy gained 2.5 million jobs in May and that the unemployment rate unexpectedly declined from 14.7% to a still-high 13.3%. Reopened businesses appeared to have recalled some laid-off workers faster than predicted.

But many analysts expect hiring to slow with much of the economy still shut down and consumers still wary of traveling, shopping, eating out or attending large events.