Unemployment now in the 8-9% range

While the weekly unemployment rate was over 9% during the week ended August 25, the 30-day moving average on the same day was 8.25%

The unemployment rate breached the 9 per cent mark during the week ended August 25. It touched 9.07 per cent. This is the highest weekly unemployment rate recorded in about three years. To be precise, it is the highest unemployment rate since the first week of September 2016.

The weekly unemployment rate has hopped over values between 7.9 per cent and 9.1 per cent during the last four weeks. It seems to be finding a new level between 8 and 9 per cent. This would be a 100 basis points higher than the 7.2-7.9 per cent range it scaled during