Jobless Claims Level Off Amid Fears of New Closures #infographic

Jobless Claims Level Off Amid Fears of New Closures #infographic

The number of newly eligible Americans for unemployment benefits decreased marginally to 1,427,000 in the week ended on June 27, according to the latest unemployment figures published by the Labor Department on Thursday.

While the present decrease in initial claims marks the 13th consecutive week of declines, the absolute number of weekly unemployed claims remains extraordinarily high. In the autumn of 1982, weekly claims peaked at 695,000 before the COVID-19 pandemic and this week put "good" news in perspective.

As our chart shows, after reaching 6.9 million at the end of March, claims for weekly unemployment fell but remain well above the pre-pandemic levels. This also seems that the rate of decline is decreasing as unemployment claims have now been below 1.5 million for four weeks.

Whereas, for the first time in weeks, the number of people seeking unemployment insurance ticked. Given an insured unemployment rate of 19.29 million over the week ended June 20, the work crisis is far from over.

When asked about his thoughts on how many of the most recent job losses would turn out to be permanent at last month's FOMC press conference, Federal Reserve Chairman Jerome Powell said that "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 finding jobs."

Jobless Claims Level Off Amid Fears of New Closures #infographic

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