28 May 2020

"Only" 2.1 Million New Jobless Claims

Yes, "Only", 3 times as many initial claims as had ever been filed before 2020.

That's just great:
The number of workers receiving unemployment benefits fell for the first time since February and new weekly claims continued to ease, offering evidence that layoffs related to the coronavirus pandemic are slowing.

Initial claims for unemployment benefits declined to a seasonally adjusted 2.1 million last week from 2.4 million the prior week, the Labor Department said. The level of claims is still 10 times prepandemic levels but has fallen for eight straight weeks.
Because employers are running out of people to lay off.

I will note that the recovery is not likely to be strong, because the people who are looking for work won't have the resources to buy sh%$ once they find a new job.


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