Unemployment claims are down. It’s not all for good reasons

The number of workers collecting state unemployment insurance fell by more than 1 million people, to 8 million, during the week ended Oct. 10. By one estimate, about half the decline is due to other factors. They include shifting onto other programs for longer-term unemployment and dropping out of the labor force.

News Story (NATIONAL)

Greg Iacurci
CNBC
October 22, 2020
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Tags: COVID-19, Unemployment, Unemployment Insurance


DETAILS

[T]he headline numbers don’t give the full picture. Some labor-market dynamics mask concerning trends under the surface.

“It’s absolutely true the job market and economy are strengthening,” said Heidi Shierholz, director of policy at think tank the Economic Policy Institute and former chief economist at the Labor Department during the Obama administration.

“But these numbers represent an enormous amount of suffering,” she added. “The levels are devastating.”