Unemployment is starting to slow, but 4.4 million Americans still filed jobless claims this week, pushing the total number to over 26 million:
MARKET WATCH – The record surge of Americans applying for unemployment benefits is starting to recede, but another 4.4 million people filed new jobless claims last week to push the total above 26 million since the coronavirus pandemic laid siege to the U.S. economy a month and a half ago.
The spike in unemployment has likely pushed the jobless rate to between 15% and 20%, economists estimate. The only other time in American history when unemployment was that high was in the early stages of the Great Depression almost a century ago.
While the rate of job losses is slowing, layoffs are expected to tally in the millions for at least a few more weeks.
Last week, the states of California, Florida, Texas, Georgia and New York reported the biggest increases in new claims, according to the Labor Department.
Market Watch posts this graph to show how the trend is slowing…
That being said, they still predict millions more to continue to file for jobless claims in the next few weeks.