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
#3055   Tangela
      
Hurrah, that's what I was searching for, what a information!
present here at this website, thanks admin of this website.


My webpage - kitchen remodeling Bellevue
27 December 2025 01:33
#3054   Tia
      
always i used to read smaller articles which as well clear their motive, and that is also happening
with this article which I am reading here.

Here is my blog post :: acne facial Colorado Springs
27 December 2025 01:26
#3053   Joshua
      
Yesterday, while I was at work, my cousin stole my iPad and tested to see if it can survive
a 25 foot drop, just so she can be a youtube sensation. My apple ipad is now
destroyed and she has 83 views. I know this is totally off topic but I had to share it with
someone!

Here is my web page - Bellevue remodeling contractor
27 December 2025 01:24
#3052   Junior
      
บทความนี้ช่วยอธิบายได้ดีมา
26 December 2025 08:47
#3051   Jaclyn
      
บทความนี้ช่วยให้ตัดสินใจเล
26 December 2025 00:01
#3050   Shelli
      
Hi there! I know this is kinda off topic however , I'd figured I'd ask.
Would you be interested in exchanging links or maybe guest
writing a blog article or vice-versa? My website
discusses a lot of the same subjects as yours and I believe we could greatly benefit from
each other. If you're interested feel free to shoot me an email.
I look forward to hearing from you! Excellent blog by the way!


Also visit my blog post - commercial painters
Denver
25 December 2025 21:26
#3049   Wilburn
      
Hi, I do think this is a great blog. I stumbledupon it ;) I may come back yet again since I saved as a favorite
it. Money and freedom is the best way to change, may you be
rich and continue to guide other people.

my web site: interior painters Denver
25 December 2025 21:15
#3048   Carl
      
If you want to improve your familiarity only keep visiting this website and be updated with the most up-to-date information posted here.


Also visit my web page; residential electricians
Indianapolis
25 December 2025 21:04
#3047   Eulah
      
It's great that you are getting ideas from this article as well as
from our argument made at this place.

my web site interior
painters Denver
25 December 2025 21:03
#3046   Fallon
      
What's up to all, the contents existing at this site are genuinely remarkable for
people experience, well, keep up the nice work fellows.


my page ... residential electrical services
Indianapolis
25 December 2025 20:39
#3045   Leticia
      
Keep this going please, great job!

Also visit my web page; painters Denver
25 December 2025 20:20
#3044   Daisy
      
Remarkable! Its in fact awesome post, I have got much
clear idea regarding from this article.

My site: Denver interior painting
25 December 2025 20:18
#3043   Gracie
      
You are so awesome! I don't believe I have read anything like that before.
So wonderful to find someone with a few unique thoughts on this subject matter.
Seriously.. thanks for starting this up. This site is something that's needed on the internet, someone
with a little originality!

Here is my homepage: interior painting Denver CO

Hi! I've been reading your blog for some time now and finally got the courage
to go ahead and give you a shout out from New Caney Texas!

Just wanted to say keep up the fantastic work!


Also visit my blog post - electrician Indianapolis
25 December 2025 20:13
#3042   Dalton
      
Oh my goodness! Awesome article dude! Thank you so much, However I am having problems with your RSS.
I don't understand why I am unable to join it. Is there anyone else having similar RSS
problems? Anyone that knows the answer will you kindly respond?
Thanx!!

My webpage residential electrical services Indianapolis
25 December 2025 20:01
#3041   Anderson
      
I really love your blog.. Excellent colors &
theme. Did you develop this site yourself? Please reply back as I'm trying to create my very own blog and want to find out where
you got this from or exactly what the theme is named.
Appreciate it!

My web page: electrician Indianapolis
25 December 2025 19:55
#3040   Claudia
      
Aw, this was an exceptionally nice post. Taking the time and actual
effort to make a superb article… but what can I say… I procrastinate a lot and
don't seem to get anything done.

Check out my blog ... residential electrical
services Indianapolis
25 December 2025 19:55
#3039   Carlton
      
Pretty! This has been an incredibly wonderful article. Many
thanks for providing this information.

My homepage interior
painting Denver CO
25 December 2025 19:52
#3038   Joey
      
Thanks , I've recently been searching for information about this topic for a while and
yours is the greatest I have came upon till now. But, what concerning the bottom line?
Are you positive about the supply?

Look at my homepage ... electrician Indianapolis
25 December 2025 19:48
#3037   Ofelia
      
Greetings from Idaho! I'm bored to tears at work so I decided
to check out your blog on my iphone during lunch break.

I really like the knowledge you provide here and can't wait to take a look when I get home.
I'm amazed at how fast your blog loaded on my cell phone ..

I'm not even using WIFI, just 3G .. Anyhow, excellent site!


Visit my homepage :: Denver
interior painting
25 December 2025 19:47
#3036   Gerardo
      
Hi, i read your blog occasionally and i own a similar
one and i was just curious if you get a lot of spam comments?
If so how do you protect against it, any plugin or anything you can advise?
I get so much lately it's driving me mad so any assistance is very much
appreciated.

Also visit my homepage: residential electrical services Indianapolis
25 December 2025 19:47
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 ... 20 21 22 23 24 25 26 27 28 ... 176Next