Nearly 2 million more Americans filed for unemployment benefits in the past week (now over 42 million total), largely the result of an incompetent response to the coronavirus pandemic by Donald "Disinfectant Donnie" Trump that cratered the economy:
An additional 1.877 million Americans filed for unemployment benefits in the week ending May 30, exceeding economists’ estimates for 1.843 million initial jobless claims during the week. The prior week’s figure was revised higher to 2.13 million from the previously reported 2.12 million. Over the past 11 weeks, more than 42 million Americans have filed for unemployment insurance. [snip]
“In reality, the shadow unemployment rate, which includes people absent from work for other reasons, is much higher,” Morgan Stanley wrote in a note Wednesday. “There is considerable uncertainty as to how high the shadow unemployment rate could be due to compositional and categorization noise. For example, some people that were absent from work for other reasons are counted as employed, but are presumed to be unemployed. The Bureau of Labor Statistics could re-categorize this at any time, which could life the unemployment rate to as high as 25%, in our view.”A weekly reminder of the toxic consequences of Trump's unfitness and incompetence.
