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.
If You’ve Ever Thought Life Is Too Painful to Be Worth Living, This Piece Might Just Change Everything
Shouting match erupts between RFK Jr and Dem lawmaker over his comments about Black children
Hillary Clinton rips Trump on migrant child detentions, but Bill Clinton’s own record cuts deep
10 House Republicans Side with Democrats in Bid to Block Trump from Deporting Haitian Immigrants
Federal agency approves Trump’s plan for triumphal arch ahead of America 250
FBI has received DNA data from Nancy Guthrie case: sources
Sailors injured after fire breaks out on aircraft carrier USS Eisenhower during shipyard maintenance
Missing general, scientist deaths tied to secret US work prompt White House probe
Illegal aliens are getting taxpayer-funded boob jobs and sex change ops in Newsom’s California, watchdog says
Eleven House Republicans vote to rebuke Trump and protect 350,000 Haitian migrants
US Warns it Will ‘Actively Pursue’ Any Vessels Attempting to Aid Iran Outside of the Middle East
Ted Cruz Rips Tucker Carlson Over His ‘Muslims Love Jesus’ Claim: ‘Deranged, Leftist Psycho’
House rejects Democrat attempt to limit Trump’s Iran war powers
Trump says Israel, Lebanon agree to 10-day ceasefire
Tyler Robinson judge unseals ATF report in assassination of Charlie Kirk
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.
