2.1 Million More File for Jobless Benefits, Bringing Total to Over 40 Million Since March

By:
Chris Gaetano
Published Date:
May 28, 2020
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The U.S. Department of Labor (DOL) reported that 2.1 million more people applied for jobless benefits last week, bringing the total to over 40 million since the middle of March. While grim, the latest figure indicates that the pace of job losses is slowing down, as it is lower than last week's figure of 2.4 million, which was itself lower than the previous week's 2.9 million, which itself was lower than the week before's 3.2 million.

Once again, New York was among those hit the worst, with Albany reporting 192,193 initial jobless claims, outdone only by California, with 212,343. ​

The DOL also reported that the insured unemployment rate, those who have successfully applied for and are receiving benefits, was down by 2.6 percent, bringing last week's 17.2 percent to a slightly better 14.5 percent, although it is unknown whether this change came from previously unemployed people finding jobs, or simply getting kicked off the program as states slowly reopen their economies. Nonetheless, Bloomberg said the monthly jobs report, set to be released soon, is expected to show an overall 20 percent unemployment rate, just about 5 points short of the rate at the height of the Great Depression


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