America has gone from having the strongest job market in decades to the very opposite during the pandemic. For older workers who have lost their jobs this year, the state of the labor market makes it harder to get rehired as the economy recovers.
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The US job market continues to suffer, and Thursday brought bad news. Another 885,000 people filed for first-time unemployment benefits last week — an increase from the week prior and higher than the 800,000 claims that economists were expecting.
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Out of 180 of the largest U.S. cities, Durham and Raleigh ranked No.13 and No.20, respectively, for cities whose unemployment rates are bouncing back the quickest.
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Kevin Hassett, a senior White House economic adviser, told CNN’s Poppy Harlow Friday morning that he thinks the unemployment rate, which hit 14.7% in April, may rise to 22% to 23% by May and edge up a bit in June before heading lower.
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Nearly 33.5 million Americans have lost their jobs and applied for unemployment benefits in the past 7 weeks — a stunning record high that reflects the near-complete shutdown of the U.S. economy.
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U.S. employers added a modest 136,000 jobs in September, enough to help lower the unemployment rate to a new five-decade low of 3.5%.
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A recent turn of events has led some economists to question the traditional unemployment/inflation rule. If the rule is broken, the big question is, why?
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