News & Events

The Weekly Wrap - May 15, 2020

As the debate swirls over how swiftly the economy can recover from the COVID-19 recession, the uphill climb keeps getting steeper. For sure, the deep dive in payrolls has yet to find a bottom, as another 3 million laid-off workers filed for unemployment benefits in the latest week, bringing the cumulative total of new claims to more than 36 million since March 21. The number of new weekly applications is ebbing, but the ranks of the unemployed are poised to swell further and likely drive the unemployment rate to over 20 percent, rivaling the highs of the 1930s depression.