BREAKING: Another 5,000,000 people in US filed jobless claims last week, bringing total to nearly 22,000,000 in one month.
“My guess is the unemployment rate is probably already over 10 percent, maybe 13 or 14 percent,” said Joel Prakken, chief U.S. economist at IHS Markit. “And I do think a day that Trump really dreads is May 8.”
“I think we still have a way to go before we will see some tapering of these claims,” Prakken said. States continue to be overwhelmed by first-time filers, and weekly claims reflect that. Because of bottlenecks, Thursday’s number probably includes claims filed weeks ago, which were finally processed last week.
Policymakers hope the labor market will rebound as quickly as it has fallen, and that employers who have laid off workers will decide to rehire them.NBC News appWhen it comes to the CARES Act, “the design is well intentioned,” she said. “It is focused on relationships. We’ll see how successful that is.”
“Over time, that will tell us about the speed with which people are finding new jobs,” explains Coronado. “If you start to see a drop, that tells you about the net flow.”
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