Another 2.91 Million Americans Filed for Unemployment Last Week The good news it that the numbers, while still stunning in aggregate, are on the decline.

By Kenny Herzog

Getty Images/Yellow Dog Productions

The Department of Labor has released its latest jobs statistics, and the numbers once again reflect a record-shattering period of mass layoffs and furloughs. During the week ending May 9, an additional 2,981,000 Americans — according to seasonally adjusted advance figures — filed for unemployment. This is actually a decrease of 195,000 applications from the previous week's revised total of 3,176,000, continuing a steady downward trend as we find ourselves deeper into nationwide lockdowns but at a further remove from the initial slashing of part- and full-time positions in hard-hit industries like the service and hospitality sectors.

Related: House Democrats Share Details of $3 Trillion Heroes Act

More than 35 million American workers have lost their jobs since the economy was all but cordoned off in early to mid-March. As more states weigh measures to gradually reopen against potential public-health consequences, some are optimistic that unemployment data will begin looking less foreboding in the short-term.

In an interview with CNBC following the DOL's latest report, Paul Ashworth, chief U.S. economist at Capital Economics, remarked, "With most states only beginning to ease their lockdowns within the last 10 days, we expect a much bigger swing in hiring versus firing over the next couple of weeks, which suggests the unemployment rate will begin to drop back."

Though even if that's the case, there remains concern about whether those still collecting weekly unemployment benefits will be able to access them.

Kenny Herzog

Entrepreneur Staff

Digital Content Director

Kenny Herzog is currently Digital Content Director at Entrepreneur Media. Previously, he has served as Editor in Chief or Managing Editor for several online and print publications, and contributed his byline to outlets including Rolling Stone, New York Magazine/Vulture, Esquire, The Ringer, Men's Health, TimeOut New York, A.V. Club, Men's Journal, Mic, Mel, Nylon and many more.

Editor's Pick

Related Topics

Business News

Kevin O'Leary Says to 'Survive the Rest of Your Life' You'll Need This Hefty Amount in Your Bank Account

The "Shark Star" explained the concept of passive income based on interest rates.

Growing a Business

6 Signs You Need an Executive Assistant

Executive or virtual assistants perform much more diverse functions than most people realize. Here are six signs you need to hire one.

Business News

George Santos Is Making Six Figures on Cameo, According to a New Report

He's on a path to eclipse his $174,000 Congressional salary.

Growing a Business

Here's How Our Company Tripled in Size By Creating a Culture of Bold Kindness

Here's how we've accelerated the growth of our company and developed our people by creating a culture of bold kindness.

Business News

Amazon Is Offering Students $25 Flights Home for the Holidays

Amazon partnered with StudentUniverse to sell thousands of $25 tickets for Prime Student members.

Business Process

50 Simple Questions to Ask Yourself Before the New Year

These questions, focused on branding and business growth, can help brands capitalize on past events and help you plan for the year ahead.