Jobless Claims Reveal Ongoing Impact of Economic Shutdown

Share Article
In Brief
  • Intial jobless claims have slowed in recent weeks.

  • Continuing claims have steadily increased during the same period.

  • Economic recovery could take until next year.

  • promo

    Want to learn how to trade? Get a beginners guide from _BeInCrypto Academy_ now!

The Trust Project is an international consortium of news organizations building standards of transparency.

Recent initial jobless claims have begun to slow, offering hope that the impact of the COVID-19 pandemic is slowing.



However, a comparison with the continuing job claims reveals that economic stability is still pending.

Source: Twitter

The analysis in the chart provides clarity on how the job market is fairing. The peak and then decline of the initial claims shows that layoffs and furloughs have slowed. Nevertheless, continuing claims have risen steadily to over 25 million.



As the nation reopens slowly, continuing claims should decline. This would indicate that the vast majority of these claims were related to furloughs.

However, if the continuing claims increase, it may well indicate that the jobs market has suffered lasting setbacks. With so many out of work, the overall economic downturn could be longer term.

Already Treasury Secretary Steven Mnuchin has indicated that the economic recovery could take longer than expected. Additionally, Federal Reserve Chairman Jerome Powell made it clear that the economy would take until the end of 2021 to bounce back.

Disclaimer

All the information contained on our website is published in good faith and for general information purposes only. Any action the reader takes upon the information found on our website is strictly at their own risk.
Share Article

With a background in science and writing, Jon's cryptophile days started in 2011 when he first heard about Bitcoin. Since then he's been learning, investing, and writing about cryptocurrencies and blockchain technology for some of the biggest publications and ICOs in the industry. After a brief stint in India, he and his family live in southern CA.

Follow Author

Daily signals, Bitcoin analytics and traders chat. Join our Telegram today!

Let’s Go

What are Crypto Wallets? Everything You Need to Know

Learn now