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From the Wall Street Journal this morning:

"New jobless claims held nearly steady at 1.5 million and workers receiving benefits were almost unchanged at 20.5 million, signs the job market is stabilizing.

"A historically high number of workers continue to seek unemployment benefits each week, but applications have decreased substantially since an early spring peak amid signs the labor market and broader economy are recovering from the coronavirus-induced shock."

The Journal goes on:

"New jobless claims have eased as states allowed businesses to reopen and employers recalled workers. Others signs of economic growth have emerged, including a May rebound in retail spending. But with the economy having slipped into recession this year, many firms have remained cautious about rehiring, leaving millions of people out of work since the pandemic hit … Employers added to payrolls in May but only offset about one in 10 jobs lost in April and March."