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U.S. Unemployment Soars As States Reopen & Global COVID-19 Cases Top 5 Million

2.4 million Americans filed unemployment claims last week, despite the easing of coronavirus-related restrictions that have allowed state economies to partially reopen.

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At least 2.4 million Americans filed unemployment claims last week, despite the easing of coronavirus-related restrictions that have allowed state economies to partially reopen. Meanwhile global coronavirus cases have surpassed 5 million, including over 300,000 deaths, according to the Johns Hopkins University Tracker.  

The U.S. Department of Labor on Thursday released the latest jobless claims data, which brings the total of new claims filed since mid-March to more than 38 million.

In April, the U.S. unemployment rate jumped to 14.7% — the highest it's been since the Great Depression. The steep unemployment metrics represent grim prospects for students graduating amid the pandemic into a shrinking job market. 

A recent survey from the Census Bureau also found that 47% of adults said they’d either lost employment income or lived with an adult who lost income since March 13.

Despite the dismal numbers, CNBC reported that the number of first-time claims filed last week represents “the seventh straight week of a declining pace following the record peak of 6.9 million in late March.