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.
US is ‘steadily destroying’ Iran’s ‘most essential’ war tools: Report
Iranian women’s soccer team captain becomes latest member to withdraw asylum bid
Former substitute teacher and boyfriend face 38 child sex charges as bond nears 9 million
Arizona man who admitted to crucifying pastor asks for death penalty so ‘we can move on with our lives’
TSA Accuses Democrats and Their Shutdown for Absurdly Long Security Lines
Woman Arrested for Allegedly Stealing Gun to Kill Trump
Panama Canal Braces for Rise in Traffic Amid Iran War
More Americans Make This Money Move in Possible Sign of Economic Woes
String of attacks connected to naturalized citizens raises national security questions
Soros Prosecutor Blames Republicans After Convicted ISIS Supporter Opens Fire At Old Dominion University
Top California librarian questioned about missing $650K tied to Dolly Parton child literacy program
Latino voters are ‘no longer sleeping,’ Univision president warns GOP, Dems
It Took CNN Analyst Only 15 Minutes to Suggest Trump Incited Michigan Synagogue Attack
Hero ROTC Cadet Stabbed ISIS-Inspired Shooter To Death, Saving Lives
Airline CEOs torch lawmakers for turning air travel into a ‘political football’
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.
