1.5 Million Jobless Claims Recorded in Early June

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Today, the US Labor Department announced that over 1.5 million Americans filed jobless claims last week. This constitutes the lowest weekly number since the COVID-19 crisis began as many are returning to work resulting from the re-opening economy.

As of June 5th, the US unemployment rate stood at 13.3%, though there is a view that it was 3% higher in reality. The Federal Reserve is projecting unemployment to drop to 9.3 percent by the end of 2020 and come down further, to 5.5 percent, in 2022.