U.S. weekly jobless claims seen hovering near record highs
9-04-2020, 13:29

Font size: [ A+ ] / [ A- ]

WASHINGTON (Reuters) - The number of Americans seeking unemployment benefits in the last three weeks likely totaled a staggering 15 million as tough measures to control the novel coronavirus outbreak abruptly ground the country to halt, which would cement views the economy was in deep recession.

Thursday’s weekly jobless claims report from the Labor Department, the most timely data on the economy’s health, would strengthen economists’ expectations of job losses of up to 20 million in April. The government reported last Friday that the economy purged 701,000 jobs in March. That was the most job losses since the Great Recession and ended the longest employment boom in U.S. history that started in late 2010.

“These dismal numbers suggest another record-breaking April jobs report,” said Beth Ann Bovino, chief U.S economist at S&P Global Ratings in New York. “America is now in recession and as it appears to deepen, the question is how long it will it take before the U.S. recovers.”

The number of initial claims for state unemployment benefits probably slipped to a seasonally adjusted 5.250 million for the week ended April 4 from 6.648 million, according to a Reuters survey of economists.

The anticipated lower reading is likely because the model that the government uses to strip out seasonal fluctuations shows a downside bias for last week’s data. States also appear to be struggling to process high volumes of claims.

Estimates in the survey were as high as 9.295 million. Going by the average forecast, last week’s claims data would bring the cumulative jobless benefits claims to more than 15 million since the week ending March 21.

With more than 95% of Americans under “stay-at-home” or “shelter-in-place” orders, reports continue to mount of state employment offices being overwhelmed by a deluge of applications. Mike Ricci, a spokesman for Maryland Governor Larry Hogan, wrote on Twitter on Wednesday that “we have approximately 1,000 calls coming through in every two hour period of time,” noting that “currently, federal employees and people who have worked in multiple states cannot file online.”

RANKS OF UNEMPLOYED SWELLING

 

As such, any moderation in claims last week would probably be temporary. The breadth of businesses shuttered because of the stringent measures to curb the spread of COVID-19, the disease caused by the coronavirus, has expanded from bars, restaurants and other social gathering venues to transportation and factories. The United States has the highest number of confirmed COVID-19 cases in the world.

Businesses are also encouraging their lowest paid hourly workers to apply for unemployment benefits to take advantage of an extra $600 per week for up to four months. This enhancement is part of a historic $2.3 trillion rescue package and is on top of existing jobless benefits, which averaged $385 per person per month in January.

It is equivalent to $15 per hour for a 40-hour workweek. The federal minimum wage is about $7.25 per hour.

“The new $600 Federal payment alone still exceeds average earnings in leisure and hospitality by almost 50%,” said Andrew Hunter, a senior U.S. economist at Capital Economics.

“This may in turn be part of the reason why jobless claims have soared so rapidly in recent weeks. Workers may be more accepting of temporary furloughs if they stand to lose little income, and several major retailers have cited the new provisions when announcing layoffs.”

Thursday’s claims report is also expected to show the number of people continuing to receive benefits after an initial week of aid shot up to 8.0 million in the week ending March 28 from 3.029 million in the prior week, according to the Reuters survey. That would obliterate the record 6.635 million hit in May 2009.

The so-called continuing claims data is reported with a one-week lag and is viewed as a better gauge of unemployment and its impact on gross domestic product.

“The labor market has entered a traumatic period,” said Gregory Daco, chief U.S. economist at Oxford Economics in New York. “We foresee the unemployment rate spiking to 14% in April.”

The economy is believed to have contracted sharply in the first quarter, with even an historic decline in GDP being forecast for the second quarter. Economists say the economy entered recession in March.

The National Bureau of Economic Research, the private research institute regarded as the arbiter of U.S. recessions, does not define a recession as two consecutive quarters of decline in real gross domestic product, as is the rule of thumb in many countries. Instead, it looks for a drop in activity, spread across the economy and lasting more than a few months.

 

Comments: 3591
#3591   Gretchen
      
I aam regular ѵiѕitor, how aree you everүbody? Thiѕ
post posted at ths website is really fastidious.


Have a look at my websеite سایت اجتماعی
Today, 16:13
#3590   Irvin
      
Ӏ was recommended this website by my couѕin. I'm not sure
whether this pߋxt is writen by him as no one else кnow such
detaiⅼed about myy problem. You are amazing! Thanks!


Аlso visit my blοɡ - آشنایی با فضای واقعی بازی انفجار آنلاین
Today, 12:02
#3589   Son
      
If you desire to takе mսch from this paragraph then you havve to apply these
tеchniques to your won webpage.

Here is my ԝeƅ site ... آموزش اصولی بازی انفجار برای کاربران جدید
(https://fo45e6g.lomza.pl)

Good рⲟst. I leɑrn something totally new and ⅽhallenging on blogs І
stumbleupon every day. It's always useful to rеad through content from ther
writerѕ аnd use a little something from other websites.


my weƄ site سایت معتبر ورزشی
Today, 07:41
#3588   Aurelia
      
Ɗo yoս have a spam issue on this blog; I also aаm a blоgger, and I was wanting to know
your situation; many oof us have developed some nice practiceѕ and we are lߋoking to trade techniգues with other
fⲟlks, be sure to shoot me an e-mail if interested.


Stoop Ƅy my web-site :: سایت خبری رسمی
Yesterday, 23:08
#3587   Merry
      
Α persn necessarily assist to make critically articles I might state.

Thatt is the first time I freգuented үour web pawge аndd to
this point? Ι surprised with the analysis you made to create this aϲtᥙal
submit amazing. Magnificent process!

Feel fгeee to visit my websіte; مجله آموزشی
Yesterday, 22:22
#3586   Marguerite
      
Hi! Do you use Twitter? I'd like to follow you if that would be ok.
I'm definitely enjoying your blog and look forward to
new updates.

Here is my webpage: web site
Yesterday, 22:17
#3585   Jill
      
You could certainly see your skills within the article you write.
The world hopes for more passionate writers such as you who are not afraid to say how they believe.
All the time follow your heart.

Feel free to surf to my webpage :: Https://Unseenspiritual.com/
Yesterday, 13:16
#3584   Tracie
      
Thanks for a marvelous posting! I actually enjoyed reading it, you're a great author.I
will remember to bookmark your blog and will often come back
from now on. I want to encourage you to ultimately continue your great
writing, have a nice evening!

my site; https://pakistancircles.com/ne/
Yesterday, 09:36
#3583   Freddy
      
Pretty! This has been an incredibly wonderful post.

Many thanks for providing these details.

my webpage: cyberpunk 2077 crafting
Guide
Yesterday, 08:17
#3582   Gail
      
Itts nnot my fiгst time to paү a quick visit this website,
i ɑam visiting thos webƅ page dɑilⅼy and get good facts from here everʏ day.


Feel free to viѕit my blog سایت نتایج فوتبال
- ideaⅼwindow.Ir -
Yesterday, 01:59
#3581   Nell
      
Hello outstanding website! Does running a blog such as this require a massive amount work?

I have very little expertise in programming however I was hoping to start my own blog soon. Anyways, if you have any ideas or techniques for new blog owners
please share. I understand this is off topic however I simply had to ask.
Appreciate it!

My page ... gta 5 news|https://Gta5play.com/
22 April 2026 10:25
#3580   Wilhemina
      
I’m not that much of a internet reader to be
honest but your sites really nice, keep it up! I'll go ahead and bookmark your site to come back down the road.
Many thanks

Have a look at my site 客服热线
21 April 2026 08:42
#3579   Porfirio
      
I'm really impressed together with your writing talents and also with the layout to your blog.
Is this a paid subject or did you modify it yourself?

Either way stay up the excellent high quality writing, it is rare
to peer a great blog like this one these days..


My site :: web page
20 April 2026 08:47
#3578   Adrian
      
Oh my goodness! Amazing article dude! Thanks, However I am encountering issues with your RSS.
I don't understand why I cannot subscribe to it. Is there anybody having the same RSS problems?
Anybody who knows the answer can you kindly respond?
Thanx!!

my site; toto88Slot
19 April 2026 22:57
#3577   Star
      
Thanks designed for sharing such a nice idea, article is good, thats why i
have read it completely

my web site: Anime game strategy
19 April 2026 17:17
#3576   Eartha
      
Everything is very open with a precise description of
the issues. It was really informative. Your web site is useful.
Thanks for sharing!

It's a shame you don't have a donate button! I'd definitely donate to this fantastic blog!
I suppose for now i'll settle for book-marking and adding your RSS
feed to my Google account. I look forward to brand new
updates and will share this site with my Facebook group.
Talk soon!

my website; web Page
19 April 2026 14:27
#3575   Lara
      
Unquestionably beⅼiеve that which you said. Your favorite rеason seemeɗ to
bе on the net thе ѕimplest thing to be aware of. I ssay to you, I certaіnly
get irked while people consider worries that theу plainly don't know about.
You managed to hit the nail upon thе top and also defined out the whole
thing without haνing side-effects , people can take a signal.

Will likeⅼy be ƅack to get more. Ꭲhanks

My weeb blog :: نکات
مهم برای انتخاب سایت مناسب انفجار
19 April 2026 09:57
#3574   Makayla
      
This post will help the internet viewers for building up new blog
or even a blog from start to end.

Feel free to surf to my web-site homepage
18 April 2026 07:29
#3573   Windy
      
I've learn several good stuff here. Definitely worth bookmarking for revisiting.
I wonder how so much attempt you place to make any such excellent informative
website.
18 April 2026 04:49
#3572   Fawn
      
Great artіcle! We are linking to this particulafly great post on ⲟur ѕite.
Keep up the great writіng.

Taке ɑ looқ at mmy page :: آشنایی با محیطواقعی بازی انفجار آنلاین [https://jetscript.ir/]
18 April 2026 03:50
Add Comments

Name:*
E-Mail:
  Geo Keyboard  
 

Dear reader, guardian.ge welcomes your comments. Please express your views on topic and be respectful of others.

bold italic underline strike | align left centered align right | Ensert smilies insert linkInsert protected URL Choice the color | hidden text insert quote Convert selected text from transliteration to Cyrillic alphabet Insert spoiler

Code: *


Back1 2 3 4 5 6 7 8 9 10 ... 180Next