Jobless Claims Break Records; Affects Families

Jobless Claims Break Records; Affects Families

The way we all conduct business has changed due to COVID-19, with millions finding themselves without a stable income. Just last week, Oklahomans filed more than 68,000 jobless claims with the Oklahoma Employment Security Commission (OESC) during the week ending May 2.

That is up more than 15,000 claims from the week before. On the week ending April 25, OESC made compensation payments to nearly 155,000 people according to the U.S. Department of Labor data. U.S. unemployment rate for April hit a staggering 14.7 percent, the highest rate since the Great Depression.

The U.S. economy lost more than 20 million jobs in April alone. Before COVID-19, employers had added jobs for 113 consecutive months before that. There is an additional 5.1 million other Americans who have had their hours cut during the last month. A measure of the unemployed, plus full-time workers who reduced to parttime, is at 22.8 percent, which also is a record high rate.

 

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