Data: U.S. Employment and Training Administration via FRED; Chart: Andrew Witherspoon/Axios
Another 4.4 million Americans filed for unemployment last week, according to Labor Department data released Thursday.
Why it matters: While the pace of layoffs is easing, more than 26 million Americans have filed jobless claims in recent weeks as the coronavirus pandemic takes a never-before-seen toll on the job market.
Between the lines: The labor market wreck is likely worse than the government's figures suggest.
- Unemployment offices across the country have been overwhelmed by the deluge of filings and processing has been delayed. Additionally, they're racing to catch up to the adjusted requirements for unemployment laid out in the federal coronavirus stimulus.
- California, Florida, Texas and Georgia saw the biggest surge in new unemployment claims.
The bottom line: The official unemployment rate for April won't be released until next month, but economists predict the figure could rival that seen during the Great Depression.
Go deeper: Axios' Dan Primack tackles the topic in today's Pro Rata Podcast ...
