Unemployment Continues Rising but a Silver Lining May Offer Hope

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In Brief
  • New unemployment figures bring the total to over 25 million.

  • Continuing claims increased at a slower rate.

  • Fed Chairman Jerome Powell said that the recovery could take until the end of 2021.

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The US Department of Labor released the latest statistics regarding unemployment claims. The week closed with claims of 2.44 million.

Source: Twitter

The unemployment numbers also indicated that the total number of continuing claims increased to over 25 million for the first time. [Bloomberg] Continuing claims represent the total number of Americans receiving unemployment benefits. 

This brings the total unemployment to 17.2%. The two month figure of job loss due to COVID-19 is essentially the same as the total number of jobs lost during the Great Recession. 

A new hope

The total continuing claims did not grow at an equivalent rate with new claims. This indicates that some workers are returning to their jobs and coming off of unemployment insurance. 

As the economy reopens, many furloughed employees will likely return to work. The numbers for unemployment have continued to remain in flux during the pandemic season. 

Federal Reserve Chairman Jerome Powell made it clear that jobless claims will remain high. Additionally, during a recent interview, he said that full recovery could take until the end of next year. 

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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.

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