May 28, 2020
The economic fallout from the coronavirus pandemic continues to wreak havoc on millions of Americans. New weekly employment data from the U.S. Department of Labor finds that 2.1 million people filed jobless claims for the week ended May 23.
The advance seasonally adjusted insured unemployment rate was 14.5% for the week ended May 16, a decrease of 2.6 percentage points from the previous week’s revised rate.
The Federal Reserve, in a May 27 report, said the ongoing unemployment rate — the highest since the Great Depression in the 1930s — threatens consumer spending, tourism and manufacturing.
While the unemployed are receiving an additional $600 weekly from the federal government as part of the $2 trillion Care Act, that money is set to expire in July.
“For the vast majority of people, those benefits don’t even replace half of [their] prior income,” Heidi Shierholz with the Economic Policy Institute told The Washington Post.