According to the latest unemployment figures published on Thursday by the Labor Department, the number of newly eligible Americans for unemployment benefits dropped marginally to 1,427,000 in the week ended on June 27.
While the current drop in initial claims marks the 13th consecutive week of declines, it remains exceptionally high the absolute number of weekly unemployed claims. Before the COVID-19 pandemic, weekly claims peaked at 695,000 in the fall of 1982 and this week put "good" news in perspective.
As our chart shows, claims for weekly unemployment decreased after hitting 6.9 million at the end of March, but remain well above the pre-pandemic levels. The rate of decline also appears to be slowing, since unemployment claims have now been around 1.5 million for four weeks.
Whereas, the number of people seeking unemployment insurance ticked for the first time in weeks. The job crisis is far from over, despite an insured unemployment rate of 19.29 million for the week ended June 20th.
When asked about his thoughts about how many of the most recent employment losses would turn out to be permanent at last month's FOMC press conference, Federal Reserve Chairman Jerome Powell said that "it could be good for millions of people who don't get back to their old work," and that "it could be a few years before we get back to those people who find jobs."
infographic by: www.statista.com
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