COVID and UI Claims in US (Update) – More than 26 M claims since the beginning of lockdowns with 20% of jobless

In the week ending April 18, the advance figure for seasonally adjusted initial claims was 4,427,000, a decrease of 810,000 from the previous week’s revised level. The previous week’s level was revised down by 8,000 from 5,245,000 to 5,237,000. The 4-week moving average was 5,786,500, an increase of 280,000 from the previous week’s revised average. The previous week’s average was revised down by 2,000 from 5,508,500 to 5,506,500.

The advance seasonally adjusted insured unemployment rate was 11.0 percent for the week ending April 11, an increase of 2.8 percentage points from the previous week’s unrevised rate. This marks the highest level of the seasonally adjusted insured unemployment rate in the history of the seasonally adjusted series. The advance number for seasonally adjusted insured unemployment during the week ending April 11 was 15,976,000, an increase of 4,064,000 from the previous week’s revised level. This marks the highest level of seasonally adjusted insured unemployment in the history of the seasonally adjusted series. The previous week’s level was revised down by 64,000 from 11,976,000 to 11,912,000. The 4-week moving average was 9,598,250, an increase of 3,548,000 from the previous week’s revised average. The previous week’s average was revised down by 16,000 from 6,066,250 to 6,050,250.

Chosen excerpts by Job Market Monitor. Read the whole story @ UNEMPLOYMENT INSURANCE WEEKLY CLAIMS SEASONALLY ADJUSTED DATA

For the fifth week in a row, millions of Americans filed for unemployment insurance, and there is no respite in sight. 4.4 million people filed for jobless benefits in the week ending April 18. Economists consensus had been 4.2 -5 million. Over 26 million people have now filed for UI, since state-at-home measures began; California was the first state to institute such a requirement on March 19. In comparison, 8.7 million were officially unemployed during the 2008-2009 financial crisis.Together with the people who were unemployed right before the COVID-19 public health and economic crisis, almost 20% of Americans are jobless, a level not seen since 1935.  As of April 14, 35 states already have 10% or more of their workforce out of a job.

Chosen excerpts by Job Market Monitor. Read the whole story @ Almost 20% Of Americans Are Unemployed