The number of people receiving some form of unemployment insurance from the government as of July 18 rose to 32.1 million, up by 1.3 million from the previous week.
That's because fewer people are applying for traditional unemployment benefits, and more are moving to extended unemployment programs like the Pandemic Emergency Unemployment Compensation program and the Short-Term Compensation program.
While less than 90,000 people had qualified for these extended programs as of the week ending April 11, there were 1.5 million recipients for the week ending July 18.
That number nearly matched the total number of people claiming benefits in all unemployment programs during the comparable week in 2019.
Why it maters: "There are 14 million more unemployed workers than job openings," EPI senior economist Heidi Shierholz says.
The coronavirus pandemic has caused a "reallocation shock," economists at the Chicago Fed write in a new blog, and that could increase unemployment by up to 4 percentage points and keep it elevated for two to three years.
"Because the pandemic has had disproportionate effects on different industries, it may lead to a reshuffling of workers across those industries."