1.5 Million Jobless Claims Recorded in Early June

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.