More than 6.6 million Americans applied for unemployment benefits last week.
The record 6,648,000 seasonally adjusted claims figure comes after 3.3 million sought benefits two weeks ago. Claims have skyrocketed after large segments of the U.S. economy shut down in response to government orders aimed at combating the coronavirus pandemic.
Economists had expected claims to remain around 3 to 4 million but few had confidence about such forecasts in light of the rapidly changing economic conditions.
To Combat ICE, Reckless Dem. Rep. Spreads Plan That Will Destroy 911 System, Cut Off Citizens from Police, Fire, Medical Help
48 Hours After Taking Over Virginia, Dems Were Cutting Prison Sentences, Gutting Hand Ballot Recounts, Banning Gas Mowers, and So Much More
Nanny love triangle murders trial pits dueling stories of mastermind behind case ‘out of a TV movie’: expert
Trump endorsement rocks Louisiana Senate race as Letlow poised to jump in
NORAD aircraft to arrive in Greenland for routine exercises
US Marshals nab fugitive hiding under child’s bed: officials
Oklahoma Citizens Rise Up Against Plans to Build Mosque in Their Town
Islamic Revolutionary Guard Corps poses global threat even if Iranian regime is decapitated
House Speaker Mike Johnson tells British Parliament he came to ‘calm the waters’
One year back in the Oval Office, Trump White House says every major campaign promise delivered
172 Christians Abducted from Two Church Services in Nigeria
Trump inauguration a year later: ‘America First’ interpretation tests fragile coalition
ICE says immigrant who died in Texas detention center committed suicide
Judge and wife shot in broad daylight in Indiana, sparking massive multi-agency investigation
Dem Senator Warner admits Biden ‘screwed up’ the border, but claims ICE now targeting noncriminals
On an unadjusted basis, new claims came in at 5.8 million. Some economists will look to that as a more accurate read of the labor market because seasonal adjustments are less relevant in the unusual circumstances prevailing now.
Initial jobless claims are a proxy for layoffs. The extremely high levels recorded in the past two weeks are an indication that businesses have let go millions of workers as demand for goods and services, as well as the ability to provide them, has fallen dramatically due to fears of the virus and orders to stay at home.
The layoffs are widespread across the U.S., according to state-by-state data reported with a one week delay. All states reported increases in initial claims for the week ending March 21. The largest increases were in Pennsylvania, Ohio, Massachusetts, Texas, and California. The smallest increases were in the Virgin Islands, South Dakota, West Virginia, Vermont, and Wyoming.
Story cited here.
