Data: U.S. Bureau of Labor Statistics via FRED; Chart: Andrew Witherspoon/Axios
3.8 million people filed for unemployment last week, the Labor Department announced Thursday.
Why it matters: While the pace of unemployment filings has slowed since its peak in late March, the number of workers who have lost their jobs in recent weeks — as efforts to contain the coronavirus pandemic slammed the labor market — tops 30 million.
Between the lines: State labor departments have been overwhelmed by the rush of people seeking unemployment benefits.
- Economists warn that some jobless workers have been unable to apply for benefits, so the number of unemployed could be higher than the weekly figures suggest.
The bottom line: A staggering number of Americans are still losing jobs at historic rates.
