The latest report from the US Labour Department pegs the unemployment rate at more than 20%.
Although new unemployment claims have slowed down, the unemployment rate is still one of the highest since the Great Recession.
Timothy McBride, Bernard Becker Professor at Washington University, tweeted on the US Labour Department’s latest report on unemployment claims.
The report notes that an additional 2.98 million claims were filed over the last two months bringing the total unemployment claims to 36.5 million.
McBride noted that the unemployment rate is expected to be more than 20% or even 25% by the time the next official report is released.