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: 1380
#1180   Gene
      
Indian aunty nude scenes are not to be compared to the
acting in Hollywood.
24 April 2025 16:50
#1179   Wilhemina
      
Indian boob press can be fairly valuable in massaging those
huge melons.

Right here is the very best grown-up web content
on the web, look into nsfw.xxx for a lot more.



my web-site: https://tap.ngo/joliekuhn43262
24 April 2025 16:39
#1178   Aubrey
      
Fantastic blog post, I value the suggestions.

Look into my page - x video
bf hd
24 April 2025 16:03
#1177   Steve
      
Hot and spicy Indian aunty sex aunty sex scenes that will
make your detects tingle.
24 April 2025 14:40
#1176   Ericka
      
Emily Rinaudo fan bus porn, an intriguing topic.

Look into my blog post: https://www.usbstaffing.com/companies/nunude_hiram/
24 April 2025 14:10
#1175   Margot
      
Megan Fox's hot video made me feel the heat.

My web page ... https://speedy-hires.com/employer/lynn
24 April 2025 14:02
#1174   Aurelio
      
Some hot Punjabi HD sex scenes? Yes please!


My blog https://urlplus.link/kassiemeares27
24 April 2025 13:22
#1173   Rosella
      
I make sure that I will see www.porntv.net again for
even more enjoyable.

Have a look at my page - http://athrconsultancy.in/employer/lieselotte
24 April 2025 12:00
#1172   Della
      
Warm XXX SexMex material, isn't it?

my site :: Bud
24 April 2025 11:38
#1171   Roberto
      
Great article, I discovered a few things from it.

Also visit my homepage; xxx bf video full hd
24 April 2025 11:27
#1170   Ronda
      
tokyo leigh porn Leigh full pornography experience,
prepare yourself for the trip of your life!
24 April 2025 11:06
#1169   Jada
      
Great collection of Niks Indian complete pornography
video clips.

Also visit my web-site - Judson
24 April 2025 10:57
#1168   Alex
      
Excellent write-up, maintain the great.

Here is my web blog; Alison
24 April 2025 10:46
#1167   Christena
      
Excellent material, I will share it on my social
media.

Feel free to surf to my site: Kami
24 April 2025 10:37
#1166   Ross
      
Celeb guest tape videos XXX are so warm they
will certainly make your temperature level surge.

my homepage Misty
24 April 2025 09:55
#1165   Jacob
      
Good quality complimentary Indian porn in HD can be tough to discover.


My webpage - Earl
24 April 2025 09:47
#1164   Rosalind
      
The RCTD-336 uncensored is a must-read for anybody that wants to know the reality.


My web-site :: https://getshired.com/employer/nunude_marta/
24 April 2025 09:34
#1163   Zack
      
Excellent adult content, I will comply with for more.


my page; https://doffl.com/gwendolynzoll9
24 April 2025 09:21
#1162   Tania
      
Warm actress's hot red sex tape launch day announced.


Also visit my website: https://www.sunnydaymemories.com/community/profile/shaniceoreily09/
24 April 2025 09:04
#1161   Darlene
      
Good video high quality, good material.

Feel free to surf to my blog post; https://vcarddesign.com/amieworden7825
24 April 2025 08:55
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 ... 7 8 9 10 11 12 13 14 15 ... 69Next