3.8 million Americans filed for unemployment last week, as 6-week total exceeds all jobs created since the Great Recession
About 30 million Americans filed for unemployment benefits over the past six weeks, a grim marker revealing how badly the coronavirus pandemic has crippled the U.S. economy.
While the number of claims continues to slide, the tally is still monumental, and is building toward a projected unemployment rate of 16.4% in May that would be the highest since the Great Depression, according to Morgan Stanley. The latest round of claims is a prelude to next week's monthly jobs report which will"likely show a historic drop of nearly 20 million jobs and an unemployment rate in the high teens,'' according to Contingent Macro Research.
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