Unemployment rates in many parts of the United States fell by several percent in October after a peak in September, local employment departments said.
Nationwide, the unemployment rate fell to 6.9 percent in October from 7.9 percent in September. In October 2019, it was 3.6 percent. However, these figures are only a temporary lull before the storm, analysts say. The U.S. labor market is preparing for a new wave of unemployed – the number of claims for unemployment benefits is expected to increase slightly in the coming weeks, as many states are introducing new restrictions.
Bloomberg economists point out that service companies, such as restaurants and bars in states with new lockdowns, will take the hit and workers will have to seek help from the state. In the United States, about 320 thousand new unemployed are expected in the near future.