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.
The single crushing problem American cattle ranchers wish Trump would fix instead
‘The View’ Under FCC Investigation Over Interview with Texas Dem
‘We Will Pay’: Savannah Guthrie Responds to Kidnapper Demands Via Video
Turning Point USA’s ‘All-American Halftime Show’: Everything you need to know
American Skiers Buried Under Avalanche of Criticism Over Anti-ICE Comments
Super Bowl Sunday: Here are some of the political, social commercials you can expect during the big game
Op-Ed: In a Politically Divided America, Where Does Relocation Fit In?
LA city councilwoman previously backed by DSA running for mayor in primary challenge to former ally Bass
Tom Homan Reveals How Many Anti-ICE Agitators Have Been Arrested: Many Are Paying the Price
Newsom Devastated By Mom’s Suicide, Still Wants To Let Your Mother Kill Herself
Shannon Bream’s new book on Biblical ‘overcomers’ explores ‘purpose’ within trials
West Virginia worked with ICE — 650 arrests later, officials say Minnesota-style ‘chaos’ is a choice
Reform defector explains party succeeds because it’s not embarrassed of ‘Rule Britannia’ nostalgia and culture
Agitators Sabotage Winter Olympics Opening, Throw Fireworks as Police Fight Back with Water Cannon, Tear Gas
Federal appeals court upholds Trump mass detention policy for illegal immigrants
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.
