This morning’s #unemployment numbers show the depths of the #COVID19 joblessness crisis that the economy must now crawl out of. https://twitter.com/USDOL/status/1265983743979933698

In the same week that we passed the grim milestone of 100,000 deaths due to COVID-19, we have now also passed the devastating threshold of more than 40 million new unemployment claims since the crisis began.

What’s most disturbing is how many Americans remain unemployed more than two months into the crisis—18% of the workforce is currently claiming unemployment. This record level of claims translates into an unemployment rate approaching 20% for the month of May.

Last week, another 2.1 million new state UI claims were filed, in addition to another 1.2 million claims for the CARES Act Pandemic Unemployment Assistance for gig, youth and part-time workers.

While regular state claims are decreasing, workers are increasingly taking advantage of PUA. The number of workers collecting PUA grew again this week from 6.1 million to 7.8 million, with the states of MA and MI posting the largest gains and 33 states now reporting data.

We’re starting to get hard numbers about the percentage of workers actually getting paid unemployment: the percentage of all claims being paid jumped from just 14% by the end of March to 47.3% by the end of April.

Treasury data reflects this improvement as well, as unemployment benefits paid out topped $70 billion in the first three weeks of May, compared to $48.4 billion for the entire month of April.

The major increase in payouts shows just how important the extra $600/week from the CARES Act has been. The reality is that the job market has not made a big comeback, and this enhanced unemployment aid is one of the most important fiscal boosts that the federal govt can provide.

Today’s data reveal once again how important it is for Congress to do the work now to come to agreement on a new COVID-19 relief package and not leave families and the economy teetering on the edge as the July 31 deadline approaches.