First-time unemployment claims slowing down, despite totaling 30.3M over past 6 weeks
New data released by the Bureau of Labor Statistics shows that the total number of first-time unemployment claims since mid-March has reached an unprecedented 30.3 million American workers. That means almost 20% of the American labor force is currently out of work.
While that data is troubling, to say the least, the rate of first-time unemployment claims has gradually been slowing down since it peaked in the last week of March – with 6.9 million claims that week.
The numbers are beginning to move in the direction we’d all like to see them go, but it will take some time before the employment rate (and the economy at large) returns to pre-crisis levels.