Worst Is Over for Job Losses, Jim Cramer Says

Katherine Ross

Ahead of jobs day tomorrow, we got the weekly jobless claims.

Applications for unemployment benefits eased up last week for a ninth consecutive week as the pace of corporate layoffs related to the pandemic-induced economic shutdown continued to drop.

The Labor Department said 1.877 million Americans filed jobless claims for the week ended May 28, down from the 2.126 million claims for the week earlier, as states continued to slowly reopen after more than two-and-a-half months of being shuttered amid the coronavirus pandemic.

Economists polled by FactSet had been expecting 1.8 million claims.

Continuing claims, which is the number of people not just filing but staying on unemployment benefits, came in at 21.487 million for the week ending May 16.

More than 45 million applications for unemployment benefits have been submitted since the coronavirus pandemic began in March, government records show, a number never before seen in history, including during the Great Depression.

On the bright side, Jim Cramer thinks the worst could be over. Check out his reasoning why in the video above.  

You can follow Jim Cramer and Katherine Ross on Twitter at @JimCramer and @byKatherineRoss. Read more from Katherine Ross here. 

Watch More of the Latest Videos from TheStreet and Jim Cramer

Enter your email to register or login. Registration information may be shared with advertising partners in accordance with our Privacy Policy.