Discussion Paper

Interpreting Unemployment Data in the Time of COVID-19

Abstract: Since mid-March, a record number of people have become unemployed and filed for unemployment benefits. While both the unemployment rate and the number of unemployment insurance claims have fallen since the peak in April, the number of unemployment claims has been falling at a much slower rate. Policy changes and the unique nature of the COVID-19 pandemic have led to this deviation and may impact the way labor market health is evaluated going forward.

Keywords: COVID-19; Unemployment;

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Bibliographic Information

Provider: Federal Reserve Bank of Richmond

Part of Series: Regional Matters

Publication Date: 2020-08-07