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
#3015   Liliana
      
My brother suggested I might like this web site.
He was entirely right. This post actually made my day.

You can not imagine just how much time I had spent for this
information! Thanks!

Feel free to surf to my web site ... therapy Draper
16 December 2025 04:09
#3014   Marty
      
I'm very happy to uncover this website. I wanted to thank you for
ones time for this fantastic read!! I definitely appreciated every little
bit of it and i also have you saved as a favorite to check out new
things on your website.

my web page; Lazer
Companies
16 December 2025 04:09
#3013   Rory
      
I visited several web pages however the audio feature for audio songs current at this site is really marvelous.


Also visit my website :: general contractor Mesa AZ
16 December 2025 03:57
#3012   Abdul
      
You actually make it seem so easy with your presentation but I find this matter to be actually something which I think I would never
understand. It seems too complicated and extremely broad for me.
I am looking forward for your next post, I will try to get the hang of
it!

Here is my web blog: water damage restoration Salt Lake City
16 December 2025 03:47
#3011   Francesca
      
It's very simple to find out any matter on net as
compared to books, as I found this article at this website.


My website: 3PL kitting services
16 December 2025 03:30
#3010   Leroy
      
Helpful info. Fortunate me I found your website unintentionally, and
I'm stunned why this twist of fate didn't came about earlier!

I bookmarked it.

Feel free to visit my blog; general
contractor Mesa AZ
16 December 2025 03:29
#3009   Soila
      
Right here is the perfect website for everyone who wants
to understand this topic. You know a whole lot its almost hard
to argue with you (not that I really will
need to…HaHa). You certainly put a brand new spin on a topic that's been discussed for a long time.
Wonderful stuff, just excellent!

my web blog ... plumber Lehi

I am really inspired together with your writing talents and also with the format on your weblog.
Is this a paid theme or did you modify it your self?
Anyway stay up the nice high quality writing, it's uncommon to peer a nice
blog like this one these days..

Here is my web page - Kluch Electrical LLC
16 December 2025 03:28
#3008   Ingrid
      
Aw, this was a really nice post. Finding the time and actual effort to generate a top notch article… but what can I say… I hesitate a whole lot and never seem to get nearly anything done.



Here is my blog post; California
fulfillment center
16 December 2025 03:20
#3007   Karen
      
Excellent post. I used to be checking constantly this weblog and I'm inspired!

Very helpful info particularly the ultimate section :) I
maintain such info a lot. I was looking for this certain info for a
very lengthy time. Thank you and best of luck.

Here is my page ... bathroom remodeling Plano TX
16 December 2025 03:16
#3006   Rosalina
      
I'm very happy to find this web site. I want to to thank you for your time due to this wonderful
read!! I definitely appreciated every bit of it and
I have you saved to fav to look at new stuff on your website.


Here is my site - apartment
movers Salt Lake City
16 December 2025 02:54
#3005   Connor
      
Just want to say your article is as astounding.
The clarity in your post is just excellent and i could assume you're an expert on this subject.
Well with your permission let me to grab your
RSS feed to keep up to date with forthcoming post. Thanks a million and please continue the
rewarding work.

Here is my blog Greensboro emergency electrician
16 December 2025 02:54
#3004   Elliot
      
This design is incredible! You obviously know how
to keep a reader amused. Between your wit and your videos,
I was almost moved to start my own blog (well, almost...HaHa!) Great job.
I really enjoyed what you had to say, and more than that, how you presented it.
Too cool!

Take a look at my web-site :: Copper Mountain Surgical
16 December 2025 02:52
#3003   Lucio
      
You actually make it appear really easy with your presentation however I to
find this topic to be really something that I think I'd
by no means understand. It kind of feels too
complicated and very huge for me. I'm having a look ahead on your next publish, I'll attempt to get the hold of it!


Visit my web-site :: cleaners
in Chelmsford
16 December 2025 02:51
#3002   Karin
      
Hello there! Do you use Twitter? I'd like to follow you
if that would be okay. I'm undoubtedly enjoying your blog and look forward to new
updates.

My site: Draper therapy
16 December 2025 02:41
#3001   Tuyet
      
Wow that was odd. I just wrote an extremely long comment but after I clicked submit my comment
didn't appear. Grrrr... well I'm not writing all that over again. Anyhow, just wanted to say wonderful blog!


My website septic tank pump out cost
16 December 2025 02:40
#3000   Chase
      
With havin so much content do you ever run into
any problems of plagorism or copyright violation? My blog
has a lot of completely unique content I've either written myself or
outsourced but it looks like a lot of it is popping it up all over the internet without
my authorization. Do you know any ways to help stop content from being ripped off?
I'd certainly appreciate it.

Review my web-site; DOT SAP services
16 December 2025 02:36
#2999   Hilton
      
If some one desires expert view on the topic of blogging afterward i recommend him/her to go to see this
website, Keep up the nice work.
16 December 2025 02:34
#2998   Myrtis
      
Incredible points. Solid arguments. Keep up the amazing
spirit.

my web blog; emergency water removal Salt Lake City
16 December 2025 02:33
#2997   Kandace
      
Thanks designed for sharing such a good thought, article
is good, thats why i have read it completely

Feel free to surf to my web-site - GH Alaska
16 December 2025 02:23
#2996   Chau
      
Fantastic goods from you, man. I have understand your stuff previous to
and you're just too wonderful. I really like what you have acquired here,
really like what you are saying and the way in which you say it.
You make it enjoyable and you still care for to keep it wise.

I can not wait to read much more from you. This is actually a
tremendous web site.

Here is my web page ... Dallas rodent
control
16 December 2025 02:21
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 ... 22 23 24 25 26 27 28 29 30 ... 176Next