Nearly 20% of the U.S. labor force has filed for unemployment since mid-March.
, we pointed to research by St. Louis Fed economist Miguel Faria-e-Castro, who estimated that nearly 50 million jobs were at risk as the country tried to mitigate the virus’s spread. If our current slight downward pattern of initial claims continues each week,But will the numbers continue in that same pattern? One of the hallmarks of this crisis is the high number of furloughs — people who are out of work now but who could potentially return to their jobs when the economy restarts.
, a large number of those who filed claims earlier in the crisis could potentially be returning to work., or insured unemployment — the number of people actually receiving unemployment benefits in any given week.
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