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Near Great Depression Numbers - The Real jobless rate over 23.9%



The latest batch of 2.1 million claims are down from the 2.4 million the week prior.


While the number of weekly jobless claims has dropped eight consecutive weeks since topping out at 6.9 million in April, it still marks 10 straight weeks with claims topping 2 million.


Prior to the shutdown of shops, offices, and businesses across the country, weekly U.S. unemployment claims had averaged 218,000.


Another week with unemployment claims topping 2.1 million means the U.S. Bureau of Labor Statistics' 14.7% official unemployment rate appears even more out of touch with the real jobless rate.


Since mid-April—the period covered by the BLS unemployment rate—another 14.3 million Americans have claimed unemployment benefits. When those 14.3 million are added to the already 23.1 million unemployed Americansin the latest jobs reports, it brings the total jobless over 37.4 million.


That would be a real unemployment rate of 23.9%, closing in on the Great Depression peak of 25.6%.

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