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: 3516
#2836   Margherita
      
Does your website have a contact page? I'm having a tough time
locating it but, I'd like to shoot you an e-mail.
I've got some ideas for your blog you might be interested in hearing.
Either way, great site and I look forward to seeing it
grow over time.

Feel free to surf to my blog ... electrical services Salt
Lake County
24 November 2025 04:24
#2835   Jarred
      
Good post but I was wondering if you could write a litte more on this topic?
I'd be very grateful if you could elaborate a little bit more.
Appreciate it!

Feel free to visit my blog post :: epoxy flooring
Denver
24 November 2025 04:18
#2834   Fae
      
Hi there, for all time i used to check website posts here early in the daylight, because i
love to find out more and more.

Check out my web-site; Fort Collins bathroom remodeling
24 November 2025 04:10
#2833   Fay
      
Can I just say what a relief to uncover someone that genuinely knows what
they are discussing on the internet. You certainly know how to bring an issue
to light and make it important. More and more people have to look at this and understand this side of
the story. It's surprising you aren't more popular given that you definitely have the gift.



Have a look at my blog: house painters Denver
24 November 2025 04:01
#2832   Rodrick
      
Wonderful beat ! I would like to apprentice while you amend your web site,
how could i subscribe for a blog website? The account helped me a acceptable
deal. I had been a little bit acquainted of this your
broadcast provided bright clear concept

Look at my web blog; basement Prince Edward County
24 November 2025 03:59
#2831   Bobby
      
Hi! I just wanted to ask if you ever have any issues with hackers?
My last blog (wordpress) was hacked and I ended up losing several weeks of hard work due to no back up.
Do you have any methods to stop hackers?

Here is my web site - basement
Prince Edward County
24 November 2025 03:52
#2830   Noble
      
hey there and thank you for your information – I've certainly picked up something new from right here.
I did however expertise several technical issues using
this site, since I experienced to reload the web site a lot of times previous to I could get it to load properly.
I had been wondering if your hosting is OK? Not that I'm complaining, but slow
loading instances times will very frequently affect your placement in google and can damage your high quality score if advertising and marketing with Adwords.
Anyway I'm adding this RSS to my e-mail and could
look out for much more of your respective exciting content.
Ensure that you update this again soon.

My web blog: keciorenrehberi.net
24 November 2025 03:51
#2829   Maggie
      
It's genuinely very difficult decorative concrete in Denver this busy life to listen news on Television,
thus I just use world wide web for that reason, and
get the most recent news.
24 November 2025 03:51
#2828   Jamila
      
Very good blog! Do you have any tips and hints for aspiring writers?
I'm hoping to start my own blog soon but I'm a little lost
on everything. Would you suggest starting with a free platform like Wordpress
or go for a paid option? There are so many options
out there that I'm totally confused .. Any suggestions?
Thanks a lot!

Here is my web blog :: residential electricians Indianapolis
24 November 2025 03:40
#2827   Gayle
      
I'm curious to find out what blog system you are using?

I'm having some small security issues with my
latest blog and I would like to find something more safe.

Do you have any solutions?

My web site ... sprinkler
repair Colorado Springs
24 November 2025 03:38
#2826   Renate
      
Thanks for the marvelous posting! I certainly enjoyed reading it, you may be a
great author.I will make certain to bookmark your blog and definitely will come back at some point.
I want to encourage you to continue your great work,
have a nice afternoon!

Here is my web blog ... Colorado Springs sprinkler winterization
24 November 2025 03:36
#2825   Rhonda
      
WOW just what I was searching for. Came here by searching for million

Take a look at my blog post; electrician Salt
Lake City UT
24 November 2025 03:34
#2824   Boris
      
I like the helpful info you provide in your
articles. I will bookmark your weblog and check again here regularly.
I am quite certain I'll learn a lot of new stuff right here!

Good luck for the next!

my blog epoxy flooring Denver

Hello everybody, here every person is sharing these familiarity, so it's pleasant to
read this blog, and I used to visit this webpage all the time.



Feel free to visit my web blog :: Lone Star Decorative Concrete
Supply Denver
24 November 2025 03:30
#2823   Adele
      
Woah! I'm really digging the template/theme of this website.
It's simple, yet effective. A lot of times it's challenging
to get that "perfect balance" between usability and appearance.
I must say that you've done a very good job with this.
In addition, the blog loads super fast for me on Internet
explorer. Excellent Blog!

Feel free to surf to my blog; residential electricians
Indianapolis
24 November 2025 03:05
#2822   Mindy
      
It is in reality a great and helpful piece of info. I am happy that you
simply shared this useful info with us. Please
stay us informed like this. Thanks for sharing.



Feel free to surf to my blog sprinkler blowout Colorado Springs
24 November 2025 03:04
#2821   Jefferey
      
Thank you a lot for sharing this with all people you
really understand what you're speaking approximately!
Bookmarked. Please also consult with my site =).
We will have a hyperlink change agreement between us

Feel free to surf to my webpage - Fort Collins remodeling

I like what you guys are usually up too. This sort of clever work and coverage!
Keep up the great works guys I've added you guys to blogroll.


Also visit my webpage: sprinkler repair Colorado Springs
24 November 2025 02:55
#2820   Wade
      
There is definately a great deal to learn about this subject.
I love all of the points you made.

Have a look at my blog electricians Indianapolis
24 November 2025 02:47
#2819   Elden
      
Hurrah! After all I got a webpage from where I
can in fact get valuable information regarding my study and knowledge.


My blog :: home remodeling Fort Collins
24 November 2025 02:36
#2818   Jestine
      
Oh my goodness! Awesome article dude! Thanks, However I am having problems with your RSS.
I don't know the reason why I can't join it. Is there anyone else getting identical RSS problems?
Anybody who knows the answer will you kindly respond?
Thanks!!

my website; electricians Indianapolis
24 November 2025 02:34
#2817   Earl
      
Superb, what a weblog it is! This blog gives useful
information to us, keep it up.

Take a look at my webpage ... sprinkler repair Colorado Springs
24 November 2025 02:30
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 ... 31 32 33 34 35 36 37 38 39 ... 176Next