US Sheds Another 3.2M Jobs Last Week; More than 33M Over Last 7 Weeks

This morning the Department of Labor released the jobless claim data for week ended May 2, the advanced figure for seasonally adjusted initial claims was 3.169M. The number represents a weekly decrease of 677k claims from the previous week. The cumulative number of jobless claims since the pandemic starting taking a massive hit on the economy is 33.4M claims over the last 7 weeks.

Source: Department of Labor

The advanced seasonally adjusted insured unemployment rate was 15.5 percent for the week ending April 25, an increase of 3.1 percentage points from the previous week’s unrevised rate. The advance number for seasonally adjusted insured unemployment during the week ending April 25 was 22,647,000, an increase of 4,636,000 from the previous week. An increase of approximately 25.8%.

How we feeling about that V Shaped Recover?

Information for this briefing was found via the Department of Labor. The author has no securities or affiliations with any of the mentioned securities. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security. The author holds no licenses.

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