Get to Know
As mentioned in last week’s chart, the number of Americans filing for unemployment over the past few weeks overwhelmed the system and created a backlog of claims that were unable to be processed right away. This week’s data updates that picture and shows another colossal jump in claims: over 6 million people filed for unemployment last week.
In this chart, we focus on 2020 data to show the scale of these numbers. Claims between the week of March 23rd and the week of March 16th more than doubled, and the jump from 2020’s weekly average before the pandemic set in to last week is more than 30 times higher.
The data from last week shows that the backlog of claims had an overwhelming effect. Businesses have been suffering and this has caused unemployment numbers over the past two weeks alone to total nearly 10 million Americans. As companies continue to lay off Americans as a result of stay-at-home orders and COVID-19 concerns, the initial unemployment claims have skyrocketed. Congress also passed a stimulus package that increased the incentive for people to see the process of filing for unemployment through, including unemployment benefit extensions and expansions in paid benefits. With the projected timeline for when businesses will be able to re-open being pushed further and further out, the hope is that COVID-19 cases will slow and companies will be able to take full advantage of increased consumer demand.
Print PDF > Another Unprecedented Surge in Initial Weekly Jobless Claims Due to COVID-19
09.22.2023
Watch the flash talks from Marquette’s 2023 Investment Symposium livestream on September 15 in the player below — use the upper-right…
09.21.2023
After a red hot 2021, the initial public offering (IPO) market has materially slowed over the last two years amid…
09.12.2023
As investors and economists meticulously analyze data to predict future actions of the Federal Reserve, the domestic economy has maintained…
09.06.2023
The U.S. Department of Commerce recently celebrated the one-year anniversary of the CHIPS and Science Act, which was signed into…
08.30.2023
Readers who have recently shopped for Labor Day barbeque supplies may lament the fact that beef prices have climbed to…
08.23.2023
On August 2, Brazil’s central bank cut its benchmark interest rate by 50 basis points, from 13.75% to 13.25%. This…
Research alerts keep you updated on our latest research publications. Simply enter your contact information, choose the research alerts you would like to receive and click Subscribe. Alerts will be sent as research is published.
We respect your privacy. We will never share or sell your information.
If you have questions or need further information, please contact us directly and we will respond to your inquiry within 24 hours.
Contact Us >