We’re Up Another 4.4 Million; 5-week Jobless Claim Total North of 26 Million

We’re looking forward to reporting more enthusiastic news in the coming weeks. However, reality has set in. US unemployment has remained elevated amid the COVID-19 pandemic, for the fifth week in a row dwarfing the worst week of job losses seen during the Great Recession.

Jobless Claims

There isn’t an industry safe from layoffs. US economic data continues to decline into more negative territory as the coronavirus pandemic continues. Millions of Americans are still under lockdown, practicing social-distancing, and staying home. In March, retail sales, US existing housing starts, consumer sentiment, and industrial production all posted historic drops, showing that most activity has ground to a halt.

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