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.
South Carolina inmate who believes he is immortal cannot be executed due to mental illness, judge rules
Trump marks Cinco de Mayo with ‘NICE’ post, echoing past viral taco bowl moment
Family of Murdered College Student Furious as Killer Learns His Sentence: ‘It’s Not Enough’
Family makes terrifying discovery in basement following growing suspicions
Comer demands records after DC police leaders sidelined amid alleged crime data manipulation
Government Sues New York Times for Alleged Discrimination Against White Man
Obama’s Recent Political Moves Have Caused ‘Genuine Tension’ with Michelle
Trump’s grip on GOP tested in Indiana as primary battles target defiant Republicans
Trump-backed Vivek Ramaswamy wins Ohio GOP gubernatorial primary, will face Democrat Amy Acton
Sherrod Brown secures Ohio Dem nomination, faces GOP’s Husted in key battle for Senate majority
Trump Makes Bombshell Comment About Arming Iranian Protesters
Trump posts mockup of ICE rebranded to ‘NICE’ after supporter’s suggestion
Cuba, China, and the pope: Key takeaways from Marco Rubio’s raucous White House press conference
Armed suspect who allegedly shot at Secret Service officers near White House identified as Texas man
Panicking Virginia Democrats Now Think Their Gerrymander Will Fail in Court, Triggering Infighting: Report
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.
