Last week, we learned that 1.3 million people filed an initial unemployment claim for the week ending July 4.
Though the latest jobs report provides some optimism, with the unemployment rate dropping to 11.1% in June from a record-high of 14.7% in April, over 30 million Americans are still having to rely on unemployment benefits.
To their credit, Congress, the U.S. Treasury Department, and the Federal Reserve have marshalled an unprecedented, multi-trillion dollar response to this economic and employment crisis. This included measures to shore up financial and credit markets, loans and grants to small businesses, individual stimulus checks and expanded unemployment insurance.
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