Another 3.17 million Americans filed for unemployment last week in the midst of the coronavirus crisis. This brings the total to more than 33.5 million people who filed for unemployment since the outbreak began in March, according to data from the U.S. Labor Department.
While the numbers are at historic highs, they are dropping in comparison to the first weeks of the outbreak. Last week’s filings , which were later revised by 7,000, were comprised of 3.846 million jobless claims. The number of claims is the lowest since March 14, the first week after the World Health Organization officially declared the pandemic.
While the situation is still bleak, there are signs that the situation could improve as economies open up and more people go back to work.
“We’re very hopeful that June will see the beginnings of a rebound as states begin to reopen,” Ian Shepherdson, chief economist at Pantheon Macroeconomics, told CNBC on Thursday.