The new numbers mean that about 16.2 percent of the U.S. labor force is unemployed
It also means that job losses have surpassed all job gains since the Great Recession,Though the numbers for the week are slightly higher than expected — economists had reportedly predicted 4.3 million new claims — the numbers have at least started ticking downwards.
“We’re likely seeking the peak in claims as people get back to work,” Peter Boockvar, chief investment officer at Bleakley Advisory Group, told CNBC. “Again, the pace at which they will is the question.” RELATED VIDEO: Nurse Shares Photos From the COVID-19 Pandemic Frontline: We Have Become ‘Closer Than Ever’
It’s the fifth week in a row that the record-high numbers have climbed in light of the coronavirus pandemic, which has shut down much of the economy and led toThe number of claims seen over the last few weeks are higher than the U.S.
States have been struggling to keep up with the unprecedented figures; New York Gov. Andrew Cuomo said on Tuesday that his state has 1,000 people taking unemployment calls, and that they’re still unable to stay on top of everything, CNN reported.
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