Article source: ConstructConnect
U.S. initial jobless claims for the latest week, ending April 18th, were 4.4 million. Only a minimal amount of encouragement can be taken from the fact the figure has been declining for three weeks in a row. A level of 4.4 million reached in only seven days is still horrifically high.
The sum of the weekly figures for the past five periods is 26.4 million. Not all that number will appear in the monthly unemployed tally to be reported by the Bureau of Labor Statistics (BLS) in May, for April. A certain unknown percentage of UI seekers still have jobs, but they’ve moved from full-time to part-time.
Nevertheless, when one crunches the numbers and compares a likely figure for the number of unemployed versus the size of the civilian labor force (163 million), the best the unemployment rate can be at this time is 15.0%. And it doesn’t take much of an adjustment in assumptions to yield a 20.0% result.