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: 3974
#3934   Erna
      
This site was... how do you say it? Relevant!! Finally I have found something that helped me.
Kudos!

my homepage ... Best e transfer loans Canada
8 September 2026 05:14
#3933   Gail
      
References:


1 dollar payid pokies payid pokies
real money no deposit
8 September 2026 00:32
#3932   Jefferey
      
References:


Android casino australia mapleprimes.com
6 September 2026 01:53
#3931   Aiden
      
Hmm it looks like your website ate my first comment (it was super long) so I guess
I'll just sum it up what I had written and say, I'm thoroughly enjoying
your blog. I as well am an aspiring blog blogger
but I'm still new to everything. Do you have any tips and hints for beginner blog writers?

I'd really appreciate it.

my website ... maid uniforms supplier
Dubai
5 September 2026 20:38
#3930   Nate
      
برای موضوع رولت آنلاین باید متن کاملاً
محتاطانه باشد، چون این بخش بیشتر با
شانس، احتمال و مدیریت سرمایه درگیر است.
دامنه‌هایی مثل https://rouletteteamoozesh.com و https://rouletteteamoozesh.com و https://rouletteteamoozesh.com برای این موضوع مرتبط‌ترند.
بهتر است توضیح داده شود که رولت و بازی‌های مشابه نباید با وعده
سود قطعی معرفی شوند وکاربر باید قبل
از هر اقدامی ریسک را بشناسد.


Take a looҝ at my webpage; پاسور حرفه ای
رایگان [Jeanne]
5 September 2026 07:06
#3929   Maximo
      
References:


Casino mit sofort test comunidadedocaminho.com
4 September 2026 15:13
#3928   Magdalena
      
برای دامنه‌هایی مثل https://bet365info.org روبه‌رو می‌شوم، بیشتراز هر چیز دنبال این هستم که متن‌ها چقدر
شفاف و قابلبررسی هستند.
به نظرم در حوزه شرط بندی،
فقط داشتن اسم مرتبط یا ظاهر مرتب کافی نیست.
سایت باید توضیح دهد کاربر با چه
قوانینی روبه‌روست، چه ریسک‌هایی وجود دارد و چه چیزهایی قبل از
شروع باید خوانده شود. اگر
محتوا آموزشی باشد می‌تواند برای بررسی اولیه مفید باشد.
اما به طور کلی تصمیم نهایی همیشه باید با تحقیق شخصی و مقایسه چند منبع
گرفته شود.

my homepаge - بازی حکم فارسی (Dewey)
4 September 2026 02:46
#3927   Nichol
      
4 September 2026 01:54
#3926   Spencer
      
References:


Casinos that accept neosurf australia australian online casino neosurf
3 September 2026 18:43
#3925   Calvin
      
3 September 2026 15:29
#3924   Betsy
      
References:


Australia online pokies payid online payid pokies australia
3 September 2026 05:04
#3923   Bart
      
References:


Top rated bpay pokies legal bpay pokies
australia
2 September 2026 19:43
#3922   Vernell
      
References:


Instant payout online casino https://cabinetfrancoisserres.com
2 September 2026 15:39
#3921   Agustin
      
I know this if off topic but I'm looking into starting my own weblog and was curious what all is needed to get set up?
I'm assuming having a blog like yours would cost a pretty penny?
I'm not very web smart so I'm not 100% sure. Any suggestions or advice
would be greatly appreciated. Many thanks

Here is my web blog ... Open World games guide
2 September 2026 11:53
#3920   Shaunte
      
وقتی بحث سیب بت مطرح می‌شود، بهتر است متن روی
شناخت نام، بررسی صفحه و مقایسه با
منابع دیگر تمرکز کند. دامنه‌هایی مثل https://sibbetreview.com و
https://sib-bet.com و https://shartbandionline.net می‌توانند در یک متن مقایسه‌ای بیایند.
برای نگاه سالم‌تر کاربر بداند هر بررسی فقط یک نقطه شروع استو تصمیم نهایی باید
با تحقیق شخصی، خواندن قوانین و مقایسه
چند گزینه گرفته شود.

Ꮋave a look at my site حکم آنلاین
2 September 2026 11:09
#3919   Louanne
      
برای موضوع پوکر آنلاین بهتر است متن حالت آموزشی‌تر
داشته باشد، چون شناخت قوانین و سبک بازی اهمیت زیادی دارد.
دامنه‌هایی مثل https://amoozeshpoker.org و
https://amoozeshpoker.org و https://pokersharti.com می‌توانند در یک مقایسه موضوعی
کنار هم قرار بگیرند. برای بررسی بهتر باید روی مدیریت سرمایه حساس بود، چون پوکر فقط شانس
نیست و بدون شناخت، تصمیم‌گیری منطقی سخت می‌شود.


Нere is my web-site :: پاسور
اینترنتی
1 September 2026 22:10
#3918   Arnette
      
I have been browsing online more than three hours today, yet
I by no means discovered any interesting article like yours.

It's beautiful price sufficient for me. In my opinion, if all webmasters and bloggers made just right content as you
probably did, the web will be much more helpful than ever before.


Here is my blog post https://1xbet-uz1.com/
1 September 2026 17:11
#3917   Susie
      
โพสต์นี้ ให้ข้อมูลดี ค่ะ
ดิฉัน ไปเจอรายละเอียดของ เรื่องที่เกี่ยวข้อง
สามารถอ่านได้ที่ IRON789
ลองแวะไปดู
มีการยกตัวอย่างที่เข้าใจง่
31 August 2026 22:35
#3916   Celina
      
Kasyno Collateral bez Depozytu za Rejestracje to jedna z najbardziej popularnych stake together promocji oferowanych przez legalne platformy hazardowe
online. Tego typu compensation pozwala nowym uzytkownikom rozpoczac
gre bez koniecznosci wplacania wlasnych srodkow na konto.
Wystarczy zazwyczaj zalozenie konta oraz spelnienie okreslonych warunkow regulaminowych, aby otrzymac darmowe srodki lub darmowe obroty na wybranych automatach.
Dla wielu graczy jest to atrakcyjna mozliwosc sprawdzenia funkcji kasyna bez ponoszenia dodatkowych kosztow.


Also visit my homepage :: metody płatności
w kasynach online
30 August 2026 10:07
#3915   Levi
      
Sur le plan technique, le flux en HD consomme du débit
de façon soutenue. Une connexion défaillant n'abîme
pas que le confort : elle risque de faire perdre une mise si l'interruption se produit à l'instant du choix.


Feel free to visit my web site; bonus cashback casino
29 August 2026 19:51
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 ... 199Next