The U.S Has Lost 10% Of Its Workforce In The Last Three Weeks

6.6 million Americans filed for unemployment last week.⁠

This takes the cumulative claims to more than 16 million in the last three weeks. If you compare those claims to the 151 million people on payrolls in the last monthly employment report, that means the U.S. lost 10% of its workforce in under a month. ⁠
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The ongoing surge in filings for unemployment insurance has been exacerbated by the expansion of those who can file claims. The $2.2 trillion federal coronavirus relief bill enacted last month expanded the group to include the self-employed and independent contractors. California, New York and Michigan ( which are among the hardest hit from the coronavirus pandemic) saw the largest increase in claims last week. ⁠
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Even though filings for unemployment benefits continue to rise, the stock market didn’t turn lower. Why?