Weekly Unemployment Figures Signal Depression Level Job Losses
Unemployment rate is 15.% and continues to rise
Unemployment rate is 15.% and continues to rise
The weekly unemployment claims report for May 7th showed incredible number of job losses as people filed claims for unemployment insurance. For the week ending May 2nd reported that 3,169,000 people filed an initial claim for unemployment insurance. That's down 677K from the April 25th figure of 3,846,000 people. This months figure is 15 times the average for the past year.
Continuing Claims
The May 7th report also captured 22,647,000 people who filed continuing claims for unemployment assistance for the weekly of April 25th, and increase of 4,636,000 claims. The estimated unemployment rate was 15.5%
The Department of Labor weekly claims report is the go to report in these fast changing times. It's released every week. The report captures all the new people who have filed for unemployment relief and the people continuing to receive unemployment relief.
The Bureau of Labor Statistics releases the detailed "Employment Situation" report on the first friday of each month. The April report, released May 8th, 2020 only partially captured how bad the job losses were from Covid-19. So everyone is watching the weekly report.
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