Week 10 of the U.S. Labor Market Collapse: Still Getting Worse at Gut-Wrenching Pace, But Signs of Bottom Appear

by Wolf Richter
Wolf Street

Gig workers weigh. PUA and “Initial Claims” surge. But millions of other workers got their jobs back. Here are the “Insured Unemployment Rates” for each state, topping out at 30%.

Has the collapse of the US labor market finally bottomed out? It would have to stop getting worse first. After it stops getting worse, it might begin to recover. And there are signs that the labor market might be approaching that bottom, but the overall numbers are still getting a lot worse.

The number of people who filed for unemployment insurance in or before the week ended May 9 under all state and federal unemployment insurance programs combined, including Pandemic Unemployment Assistance (PUA) for gig workers and programs for laid-off federal employees, and who still don’t have a job, surged by 3.68 million people in the week (not seasonally adjusted), the US Department of Labor reported this morning. They’ve now reached a gut-wrenching record of 30.96 million:

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