Business & Economy

On The Money: Initial jobless claims drop to 1.9 million | IRS faces obstacles with remaining stimulus checks | Nearly half of Americans have lost income over coronavirus

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THE BIG DEAL— Initial jobless claims drop to 1.9 million: Initial unemployment claims for the last week of May fell to 1.9 million, nonetheless extending one of the worst unemployment crises in the nation’s history.

The Hill’s Niv Elis breaks it down here.

LEADING THE DAY

IRS faces obstacles with remaining stimulus checks: The IRS is facing a handful of obstacles in its efforts to deliver the final batch of coronavirus relief checks.

While the overwhelming majority of direct payments have been sent to Americans’ bank accounts or mailboxes, there are a few challenges in getting the remaining rebates to eligible households.

The IRS said Wednesday that it is planning an extensive outreach campaign about the payments to groups that serve homeless individuals, households where members speak limited English and underserved communities. The Hill’s Naomi Jagoda tells us more about what that will take.

Nearly half of Americans have lost income over coronavirus: Almost half of Americans say they or someone in their household have lost employment income in the last three months, according to new government figures.

A weekly survey by the Census Bureau found that 119 million Americans, or 48 percent of those 18 and over, have reported a loss of income since March 13, the day President Trump declared a national emergency over the coronavirus pandemic.

More than 42 million Americans have filed unemployment insurance claims in the last 11 weeks. The Labor Department said Thursday that nearly 1.9 million more people filed claims the previous week, a sign that job losses continue to mount.

The toll is falling most heavily on those at the lowest end of the economic spectrum. The Hill’s Reid Wilson tells us why here.

GOOD TO KNOW