Applications for unemployment benefits have reached scales that no one expected – there are much more of them than analysts expected.
In the past week alone, the number of people applying for benefits due to job loss was 1.87 million. A previous estimate showed only 1.5 million. This suggests that the crisis due to the coronavirus pandemic is not weakening.
“Although states are reopening, millions of people trying to get benefits show that the economic damage from COVID-19 is still acute,” said Daniel Zhao, senior economist at Glassdoor.
More than 42.6 million Americans have applied for unemployment benefits since the start of the pandemic. This is the highest rate since the Great Depression.