Initial jobless claims above 1 million for 17th week (CNBC)

US jobless claims rose last week by 1.3 million, the 17^th straight week initial jobless claims totaled more than 1 million, CNBC reported. “There are clear signs that the longer-term damage is beginning to mount, with permanent layoffs beginning to climb, and the flow of workers from employment to unemployment still elevated,” Michael Pearce, senior US economist at Capital Economics, said in a note as quoted by CNBC. “Moreover, absent a vaccine, the need for ongoing physical distancing will prevent a full recovery.”