Another 3 Million New Jobless Claims

So the total since mid March, about 8 weeks, is 36½ million new jobless claims.

Assuming that the normal level of claims is 225,000 (PDF link, see page 6), this means that the excess initial unemployment claims is


excess unemployment claims.

The labor force was roughly 165 million with 3% unemployment, which gives about 170 million working or looking for work.

Just subtracting the 34.7 million excess claims, and a lot of people have not been processed, gives 23.4% unemployment (U3).

The above is just spit-balling by me, but it is not unreasonable to expect the unemployment rate to top 20% right now.

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