Jobless Claims Level Off Amid Fears of New Closures #infographic

Jobless Claims Level Off Amid Fears of New Closures #infographic

According to the latest unemployment figures released by the Labor Department on Thursday, the number of newly registered Americans for unemployment benefits shrank slightly to 1,427,000 in the week ending on June 27.

Although the latest drop in initial claims marks the 13th consecutive week of declines, it remains remarkably high the absolute number of weekly unemployed claims. In the autumn of 1982, weekly claims reached 695,000 ahead of the COVID-19 pandemic and put "nice" news in context this week.
As our chart shows, claims for weekly unemployment dropped after hitting 6.9 million at the end of March but remain well above the pre-pandemic rate. This also seems to be lowering the rate of decline as unemployment claims have now been below 1.5 million over four weeks.

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

Jobless Claims Level Off Amid Fears of New Closures #infographic

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