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: 3515
#3175   Magaret
      
Good blog you've got here.. It's hard to find high quality writing like yours nowadays.
I truly appreciate individuals like you! Take care!!



Also visit my web-site - Heat
Pump Service Denver CO
1 January 2026 01:12
#3174   Debora
      
I pay a quick Visit Website day-to-day some web sites and blogs to read posts, however this
website provides quality based writing.
1 January 2026 01:11
#3173   Jeanett
      
Pretty! This was an incredibly wonderful post. Thank you for supplying this info.



Feel free to surf to my homepage :: therapist Denver

Hello! This post couldn't be written any better! Reading through this post reminds me of my old room
mate! He always kept chatting about this. I will forward this write-up to him.
Fairly certain he will have a good read. Thanks for sharing!


My web page - Sewer line
installation Brighton
1 January 2026 01:08
#3172   Shannon
      
Greate post. Keep writing such kind of information on your site.

Im really impressed by it.
Hello there, You've done an excellent job. I'll definitely digg it and individually suggest to my friends.
I'm confident they'll be benefited from this Visit Website.
1 January 2026 01:06
#3171   Dalton
      
At this time I am ready to do my breakfast, once
having my breakfast coming again to read more news.


Also visit my page - Edmonton homes for sale
1 January 2026 01:04
#3170   Brendan
      
I know this if off topic but I'm looking into starting my own blog
and was wondering what all is required to get setup?
I'm assuming having a blog like yours would
cost a pretty penny? I'm not very internet smart so I'm not 100% positive.
Any tips or advice would be greatly appreciated. Thanks

Have a look at my web blog ... Heat Pump Service Denver CO
1 January 2026 00:59
#3169   Merri
      
This post is priceless. When can I find out more?

Here is my web site :: couples
counseling Denver
1 January 2026 00:55
#3168   Onita
      
For most recent news you have to pay a quick visit internet
and on the web I found this website as a finest web site for most recent updates.


Here is my web page: Trauma therapist Denver
1 January 2026 00:52
#3167   Lynette
      
Attractive section of content. I just stumbled upon your site and in accession capital to assert that
I get in fact enjoyed account your blog posts.
Anyway I'll be subscribing to your augment and even I achievement you access consistently quickly.



Take a look at my homepage - piano lessons Pittsburgh
1 January 2026 00:50
#3166   Penelope
      
I am in fact grateful to the owner of this site who has
shared this impressive article at at this place.



Also visit my web site - therapist Denver
1 January 2026 00:50
#3165   Henrietta
      
Truly no matter if someone doesn't understand afterward its up to other viewers that they will
help, so here it occurs.

Stop by my webpage - plumber in Lake Elsinore CA
1 January 2026 00:48
#3164   Nida
      
Excellent article. Keep writing such kind of info on your page.
Im really impressed by it.
Hello there, You've done a great job. I'll certainly
digg it and for my part suggest to my friends.
I am sure they'll be benefited from this website.



my homepage piano lessons Pittsburgh
1 January 2026 00:44
#3163   Daniel
      
Hello to all, the contents present at this web page are genuinely amazing
for people experience, well, keep up the good work fellows.


Also visit my homepage violin lessons Pittsburgh PA
1 January 2026 00:43
#3162   Mackenzie
      
You're so interesting! I do not think I've read through a single thing like that before.
So nice to find someone with a few unique thoughts on this topic.
Really.. thanks for starting this up. This website is something that is
needed on the web, someone with a bit of originality!

Here is my website; plumber in Lake Elsinore CA
1 January 2026 00:40
#3161   Horace
      
You can certainly see your expertise in the work you
write. The arena hopes for even more passionate writers such as
you who aren't afraid to mention how they believe.
All the time go after your heart.

My web-site Septic
tank cleaning Brighton MI
1 January 2026 00:39
#3160   Novella
      
Your way of explaining all in this post is truly good, all be capable of without difficulty be
aware of it, Thanks a lot.

Also visit my webpage; Visit Website
1 January 2026 00:33
#3159   Zoila
      
online casinos that accept paypal

References:
https://allsolution.xyz
31 December 2025 10:57
#3158   Ethel
      
Hello my friend! I wish to say that this article is awesome,
great written and include approximately all vital infos.
I'd like to see extra posts like this .

Feel free to surf to my web blog: Independent Hardwood Floor Company
30 December 2025 17:19
#3157   Hassie
      
I must thank you for the efforts you have put in penning this
website. I'm hoping to view the same high-grade
content from you in the future as well. In fact,
your creative writing abilities has encouraged me to get my own, personal site now ;)

Also visit my homepage: centennial hardwood floor replacement
30 December 2025 17:10
#3156   Ada
      
Thanks , I've recently been searching for information approximately this topic for a long time and yours is the
greatest I've found out so far. But, what in regards to the bottom line?
Are you positive about the supply?

My web blog - centennial hardwood floor installation
30 December 2025 17:06
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 ... 14 15 16 17 18 19 20 21 22 ... 176Next