Wednesday, January 20, 2021

Tag: Week 6 of the Collapse of the U.S. Labor Market

Week 6 of the Collapse of the U.S. Labor Market

by Wolf Richter, Wolf Street:

Florida ascends to Number One as it tries to catch up. “Insured unemployment rates” already over 20% in some states as of Apr 11.

Over the six reporting weeks since mid-March, state unemployment departments have processed a gut-wrenching 30.3 million initial claims for unemployment insurance. In the week ended April 25, according to the US Department of Labor this morning, 3.84 million unemployment claims, seasonally adjusted, were processed. That was over five times the peaks during the prior unemployment crises in 1982 and 2009: