2020 U.S. Unemployment Insurance Initial Claims

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Unemployment Insurance Claims

Unemployment Insurance Claims – U.S. unemployment insurance initial claims that surged due to the COVID-19 pandemic-related layoffs continues to decline at 1.54 million in June 2020, after peaking in March at almost seven million


Summary:

  • Unemployment Insurance Initial Claims – Joint state-federal program to provide temporary financial assistance to unemployed workers who are unemployed due to lack of available work
  • Unprecedented Rise in Claims – More than 44 million Americans have filed for unemployment insurance claims from second half of March to first week of June 2020, far outpacing the almost 23 million jobs created after the 2008 financial
  • Declining Weekly Trend – Although the number of claims continue to be significantly higher than normal level of 200,000, it has declined to 1.54 million as of first week of June 2020, after peaking to almost seven million in last week of March
  • Key Drivers – Primarily brought about by the COVID-19 pandemic crisis, causing businesses to shut off and most of the country to go on lockdown, leading to layoffs across all industries
Company: U.S. Department of Labor Office of Unemployment Insurance
Source:

Original publication date: June 23, 2020

Date last updated: June 23, 2020