Almost 4 million more people filed for unemployment last week:
CNBC – First-time filings for unemployment insurance hit 3.84 million last week as the wave of economic pain continues, though the worst appears to be in the past, according to Labor Department figures Thursday.
Economists surveyed by Dow Jones had been looking for 3.5 million.
Bringing the total to over 30 million since the pandemic began..
Jobless claims for the week ended April 25 came in at the lowest level since March 21 but bring the rolling six-week total to 30.3 million as part of the worst employment crisis in U.S. history. Claims hit a record 6.87 million for the week of March 28 and have declined each week since then.
30 million is a lot of people. But thankfully the trend is still slowing, as last week it was around 4.4 million (revised upward).
According to the AP, “the unemployment rate for April could go as high as 20%. That would be the highest rate since it reached 25% during the Great Depression.” Think maybe it’s time to get the economy going again?