Number of Insured Unemployment at Record High Amid Coronavirus Mitigation Efforts

Washington, D.C. (PPD) — The U.S. Labor Department (DOL) reported the advance number for seasonally adjusted insured unemployment during the week ending March 28 was 7,455,000. That’s an increase of 4,396,000 from the previous week’s revised level and marks the highest level of seasonally adjusted insured unemployment in the history of the seasonally adjusted series.

The previous high was 6,635,000 in May of 2009. The previous week’s level was revised up 30,000 from 3,029,000 to 3,059,000.

The 4-week moving average rose to 3,500,000, a gain of 1,439,000 from the previous week’s upwardly revised average. The previous week’s average was revised higher by 7,500 from 2,053,500 to 2,061,000.

The advance seasonally adjusted insured unemployment rate rose 3.0% from 2.1% to 5.1% for the week ending March 28. It had fallen to historic lows at 1.1% under the Trump Administration.

It was last at that level on November 16, 2019 — and until now — hadn’t risen above 1.2% since April 28, 2018.