Dr. Perryman explains some factors contributing to the rise in state unemployment rate.
Job losses caused by coronavirus are significant, and Dr. Perryman explains why the real numbers and costs are higher. He also describes the importance of keeping the systems to help with quick recovery once the virus itself is under control.
Initial claims for state unemployment benefits in the US fell to 684,000 in late March for the first time in a year. Believe it or not, that's important. "Initial claims" sounds like something only an economist could love (and a nerdy one at that). This weekly statistic represents the first filing for unemployment for a specific claim--basically layoffs or jobs that have recently been eliminated. We normally don't pay much attention to it, but it got more headlines during the pandemic as a weekly barometer for how the economy was faring.