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Unemployment outlook bleak

Empire State Building (Credit: Tetra Images)

Another 2.98 million Americans filed for unemployment last week, the Labor Department said on Thursday. In two months alone, more than 36 million people have filed jobless claims.

  • Eye on rent collections: The U.S. Treasury sent out more than $48 billion in unemployment payments in April, greater than three times the amount paid at the monthly peak of the 2007-09 recession. The April unemployment payments helped offset more than half of the wages and salaries that were lost during the month, WSJ noted.
  • Worth Noting: This does not include independent contractors and the self-employed. More than 1.8 million individuals have filed such federal claims in the past two weeks.
  • The bottom line: Goldman Sachs estimates the unemployment rate will hit 25%, matching the peak level of joblessness during the Great Depression, Bloomberg noted.. The pace of new applications has slowed from its peak in March, but the weekly numbers remain historically high.

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