Weekly Unemployment Claims Surpass Great Recession Peak By Ten-Fold

There were 6.6 million Americans who filed for unemployment insurance during the week of April 4 which surpassed the Great Recession peak by ten-fold.

According to the White House Council of Economic Advisers, the number of “initial weekly claims” peaked at 665,000 filings during the Great Recession.

“Over the past three weeks, 16.8 million initial UI claims were filed- over 10% of the 159 million US workers in Feb 2020. Since not all workers who lost their jobs have filed for UI, this measure likely understates job losses since March 15,” they wrote in a tweet.

They continued, “Insured employment, which measures approved initial UI claims, increased from $3.1 million to 7.5 million in the week ending March 28- surpassing the Great Recession peak of 6.6 million to become the highest level on record.”

Click here to read the recent unemployment report.