The U.S Has Lost 10% Of Its Workforce In The Last Three Weeks
This takes the cumulative claims to more than 16 million in the last three weeks. When those claims are compared to the 151 million people on payroll in the most recent monthly employment report, the United States has lost 10% of its workforce in less than a month.
The ongoing surge in filings for unemployment insurance has been exacerbated by the expansion of those who can file claims. The self-employed and independent contractors were added to the group by the $2.2 trillion federal coronavirus relief bill passed last month. California, New York and Michigan ( which are among the hardest hit from the coronavirus pandemic) saw the largest increase in claims last week.
Even though filings for unemployment benefits continue to rise, the stock market didn’t turn lower. Why?