Jobless Claims Level Off Amid Fears of New Closures #infographic

Jobless Claims Level Off Amid Fears of New Closures
According to the latest unemployment figures released by the Labor Department on Thursday, the number of Americans newly applying for unemployment benefits decreased slightly to 1,427,000 in the week ending on 27 June.

Although the latest decrease in initial claims marks the 13th consecutive week of declines, the absolute number of weekly unemployed claims remains extremely high. Prior to the COVID-19 pandemic, weekly claims peaked at 695,000 in the fall of 1982, putting "positive" news in perspective this week. As our chart shows, weekly unemployment claims have been decreasing after reaching 6.9 million at the end of March, but remain well above the pre-pandemic rates. The rate of decline also appears to be slowing, as jobless claims have been about 1.5 million for four weeks now.

While, for the first time in weeks, the number of people seeking unemployment benefits ticked. Despite an insured unemployment rate of 19.29 million for the week ended June 20, the job crisis is far from over. When asked about his hopes about how many of the most recent employment losses will turn out to be permanent at last month's FOMC press conference, Federal Reserve Chairman Jerome Powell said that "it could be nice for millions of people who don't get back to their old work," and that "it could be a few years before we get back to those people who find jobs."

Jobless Claims Level Off Amid Fears of New Closures #infographic


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