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.
Trump’s new tariff plan barrels back to court following multistate lawsuit
Black Democrats Unleash on Jasmine Crockett After Embarrassing Primary Loss
Trump’s new DHS pick is an illegal immigration hawk who’s ‘all about the mission’: expert
White Police Officers Sue Philadelphia Over DEI Promotions, Say They Were Passed Over for Political Reasons
Kristi Noem’s ouster ‘changes nothing’ for Democrats blocking DHS funding
NORAD Launches US Fighter Jets as Russian Military Aircraft Enter American Air Defense Identification Zone
Virginia Dems mandate Jan. 6 be taught as ‘violent insurrection,’ ban election fraud claims in schools
Trump Turns Up Heat on Republicans, Pressures Them to Pass SAVE Act: ‘Country Defining Fight for the Soul of Our Nation!’
Pentagon policy chief grilled as Dem claims Trump broke promise about going to war with Iran
Georgia sheriff arrested on DUI charge after blood alcohol content was allegedly almost triple legal limit
Small plane crashes into Phoenix home minutes after takeoff, injuring 3
‘Third-party’ auditor investigating Minnesota fraud received millions in state Medicaid funds
Macron vows nuclear arsenal boost as Europe turns to nukes amid rising global threats
‘Under siege’: Inside the growing radical Islam threat critics say is hiding in plain sight in deep red Texas
Walz-Ellison administration ‘enabled’ Minnesota’s fraud scandal: Guy Benson
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.
