U.S. Weekly Jobless Claims Continue Slow Decline

The Labor Department's latest report shows a decline in unemployment claims, though they remain significantly higher than pre-pandemic levels. California, Florida, Georgia, and Texas are the hardest-hit states. The Bureau of Labor Statistics reported an unexpected addition of 2.5 million jobs in May, surpassing expectations. However, Federal Reserve Chairman Jerome Powell cautions that the recovery pace is uncertain, with an estimated unemployment rate of 9.3% by year-end.

What did Federal Reserve Chairman Jerome Powell say about the pace of recovery?

What is the estimated unemployment rate at the end of the year according to the report?