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.
Video Appears to Show Man Shot By ICE Assault Woman, Instigate Violence, Resist Arrest
Gun rights groups clash after man DHS says was armed fatally shot by CBP in Minneapolis
Anti-ICE Rioters Barricading Entire Blocks in Minneapolis, Police Appear MIA
Rep Maxwell Frost allegedly assaulted at Sundance Film Festival in racially-charged incident
Frey, Klobuchar call for ICE to leave Minneapolis following deadly CBP shooting in city
Noem says Minneapolis suspect committed ‘domestic terrorism,’ accuses Walz, Frey of inciting violence
Trump Resurrects Reagan-Era Pro-Life Policy, Punishes and Defunds Foreign Abortion Operations, Gender Madness
Trump to skip Super Bowl in California, criticizes performers Bad Bunny and Green Day
Alex Pretti, 37, identified as man fatally shot by Border Patrol agent in Minneapolis
Anti-ICE agitator allegedly bites off federal officer’s finger during Minneapolis attack
‘Loyal soldier’: A day on the trail with JD Vance, Trump’s ‘human Swiss Army Knife’
READ IT: Bondi sends letter to Gov Walz warning Minnesota’s immigration policies endanger agents
Ever Wonder Why Even Trump Can’t Get Criminal Dems Arrested? They’re Using the ‘Blue Slip’ Trick to Stay Out of Jail and It Has to End
Trump brags about secret weapon that was key to Maduro capture: ‘The discombobulator’
Trump cites armed suspect, lack of police support following fatal Border Patrol shooting in Minneapolis
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.
