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.
Fox News Campus Radicals Newsletter: Alleged K-12 fraud, one school’s battle with Newsom and a win in Florida
‘Die Hard’ actor Robert Davi blasts Mamdani after NYC map omits Little Italy
Dem governor escalates McConnell health demands, cites response to past Trump health concerns
Another US citizen tests positive for Ebola virus while working in Congo amid record outbreak
Sanders and Ocasio-Cortez to stump for Abdul el Sayed in Michigan Senate primary
Renowned Feminist Historian Loses Professorship as Experts Tear Apart Her So-Called Historical Findings
Trump Signals Daylight Savings Time May Soon Become Permanent, Praises Bill
Teen Athlete Goes Viral After Revealing She Was Sexually Harassed by Trans Athlete in Locker Room
Trump-aligned House holdouts accused of holding ‘life-saving’ veterans bill ‘hostage’ over SAVE America Act
CNN Needs Trauma Counselors – Paramount Looking to Actual Journalist Bari Weiss to Lead Both CNN and CBS News After Merger
The $36 Billion Hidden Tax on America’s Small Businesses
Airplane Passenger Partially Sucked Out Dislodged Window, Injured Before Emergency Landing
Op-Ed: How the Left Has Left Sanity Behind
Seminary’s Biblical Marriage Stance Has it Removed from Denomination’s List of Approved Schools
Harvard astronomer tapped to lead White House UFO council says US government ‘baffled by what they are seeing’
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.
