Unemployment Rate - Impact Report Deep Dive

U.S. unemployment rates are dropping, but it’s too soon to think that the jobs market is out of the woods from the coronavirus pandemic. Industry Intelligence Consumer Products Analyst Nevin Barich does a “Deep Dive” into this issue. * June 11: US jobless claims total 44 million in the past 12 weeks, representing over one in four US workers laid off during COVID-19; continuing claims totaled 20.9 million for week ended May 30, down from 21.5 million in previous report as the economy reopens. * June 11: Federal Reserve projects US unemployment rate will end 2020 at 9.3%, down from current 13.3%; unemployment to remain elevated for years, estimated at 5.5% at the end of 2022, eventually falling to pre-COVID-19 levels of 4.1% in long-term economic recovery. * June 9: Total US job openings fall to 5.0 million on last day of April, led by declines in professional and business services, health care, social assistance, retail; quits rate fell to 1.4%, layoffs and discharges rate down to 5.9%, totaling 7.7 million: DOL. * June 5: Estimated one third of US workers made jobless by COVID-19 will not find work within six months; reopened businesses face wary consumers, other firms to delay investment or enter bankruptcy due to COVID-19 impacts: Capital Economics. * June 4: US jobless claims total 42.6 million in the past 11 weeks, equivalent to more than one in four American workers losing a job during the COVID-19 pandemic; ongoing high number of claims suggests recovery may not yet be underway: Business Insider