The weekly jobless claims report shows another 3 million unemployed people, adding to a total of 33 million since pandemic started
Today's report showed that more than 3.1 million people filed for unemployment claims last week. Still, it is lower than the 3.8 million from two weeks ago, and the 6.8 million in late March when the country entered the lockdown.
In almost two months, approximately 33 million Americans claimed unemployment benefits, and the monthly jobless rate heads to absolute negative records. The overall unemployment number surpasses the number of jobs created since the Great Recession.
Analysts are expecting the unemployment rate to be close to 20%, with significant declines over several industries, especially those in which remote work is not an option. The highest number of claims comes from California once again, with approximately 318,000 jobless individuals.
Analysts think that from now on, the trend should be decreasing.
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Sources: forexfactory.com, cnbc.com, reuters.com
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