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.
Nashville shooter Audrey Hale allegedly used federal student aid to buy guns for school attack
Judge Orders Release of Sealed Tyler Robinson Records
Dems Told Us Somalis Are Massive Contributors to Minnesota. Stats Prove That’s a Lie of Profound Proportions
Zelenskyy says peace deal is close after Trump meeting but territory remains sticking point
Texas man charged with attempting to provide material support to ISIS in federal terrorism case
Lapsed Epstein deadline underscores challenge of reviewing troves of files in 30 days
Swalwell slammed by Border Patrol commander over imagery showing ICE raiding Jesus Christ’s manger
Netanyahu says Trump to become first non-Israeli to receive Israel Prize
Home Owned by NASCAR Star Denny Hamlin Destroyed in Deadly Blaze
Look for Times Square Crystal Ball To Do Something Different This Year As USA’s 250th Birthday Approaches
Illegal immigrants allegedly ran multi-million-dollar gift card fraud scheme hitting stores daily across Texas
Trump rebukes Ukraine after Putin says his home was attacked
Gen. Flynn Sends Blistering Request to Trump: ‘We The People Demand Accountability!’
Jan. 6 pipe bomb suspect fights DOJ delay in turning over evidence
Trump Admin Stands Firm After Jesus-Centric Christmas Messages Spark Media Freak-Out
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.
