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.
Maricopa County Recorder Stephen Richer Colluded With Federal Agency, CISA, To Censor Election Critics
Disgraced Crypto Bro Sam Bankman-Fried Under Criminal Investigation By DOJ
Rep. Alexandria Ocasio-Cortez Under Investigation by House Ethics Committee
Biden Says ‘More Important Things’ Than Border Visit, Despite 59 Trips To Delaware, 8 Stops For Ice Cream
Hell Freezes Over on CNN During Interview With Democrat Rep. Ro Khanna
Elon Musk Fires a Democrat Fox Guarding the Twitter Hen House
Tom Cotton’s Response to Woke CEO Looking for Republican Help Is Absolute Fire
Joe Rogan Slams Professors Who Defend Unhealthy Lifestyles: ‘F*** Off, Fat Professors’
Biden Admin Pats Itself on Back About Unemployment, Then Note from Musk’s Twitter Appears
Shark Week Slammed By Scientists For Being ‘Too White’, Featuring Too Many Men Named ‘Mike’
Congress to Roll Back Covid-19 Vaccine Mandate For Troops
Democrat Raphael Warnock Defeats Republican Herschel Walker in Georgia Senate Runoff Battle
Biden Admin Launches Investigation Into Elon Musk’s Company Neuralink
White House Reveals Twisted View of Constitution
Jewish UFC Fighter to Kanye West: ‘If You’ve Got a Problem with Me or My People, Come See Me, Bro’
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.
Scroll down to leave a comment:
