San José, CA – The latest report on unemployment insurance by the Department of Labor showed larger numbers across a number of measures. The number of new claims for regular state UI the week ending September 5 increased by 20,000 from the previous week. The same for the federal Pandemic Unemployment Assistance or PUA for self-employed and gig workers, which rose by more than 90,000, or 12%. Together total new claims rose to almost 1.7 million for the latest week.
Nearly three times as high as the pre-pandemic record
San José, CA – On Thursday, June 4 the federal Department of Labor reported that 1.9 million new claims for state unemployment insurance or UI benefits were filed in the week ending May 30. This was down by 250,000 claims from the previous week, continuing the slow decline in new applications. However, this was still more than two and a half times higher than the previous pre-pandemic record of almost 700,000 claims made during the deep 1981-82 recession.
San José, CA – On Oct. 3, the Department of Labor released their report on the job market for September. The report showed that the Labor Force Participation Rate (LFPR), or the percentage of adults either working or looking for work, continued to decline, and hit a low not seen since 1978. Almost 100,000 jobless workers gave up their job search and left the labor market, helping the unemployment rate to go down to 5.9%, the lowest since summer of 2008.
San José, CA – On July 6, the U.S. Department of Labor announced that only 80,000 net new jobs were created in June. This was less than most mainstream economists predicted and far less than what is needed to put the millions of unemployed back to work. So it was no surprise that the official unemployment rate stayed the same from May to June, at 8.2%.
San José, CA – In the first week of June, two important reports showed a sharp slowdown in the U.S. economy. On Friday, June 3, the Department of Labor said that unemployment in May rose to 9.1%, while only 54,000 new jobs were created, far less than what mainstream economists were predicting. Two days earlier, on June 1, a report on home prices showed another drop of 4.2% in the first three months of 2011, bringing home prices to a new low since the housing market began to tank in 2006.