From David Ruccio
Both the number of initial unemployment claims for unemployment compensation and the number of continued claims for unemployment compensation are once again on the rise, signaling a worsening of the Pandemic Depression.
This morning, the U.S. Department of Labor (pdf) reported that, during the week ending last Saturday, another 935 thousand American workers filed initial claims for unemployment compensation. While initial unemployment claims remain well below the peak of about seven million in March, they are far higher than pre-pandemic levels of about 200 thousand claims a week.
The number of continued claims for unemployment compensation, while also below its peak, rose from the previous week and was more than 20.6 million American workers—a figure that