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: 1654
#1594   Hudson
      
Если вы выиграете в онлайн казино, которое не принимает игроков из России,
ваша учетная запись может быть заблокирована, а выигрыш не будет
выплачен.

Here is my blog post :: https://www.metaforelevator.com/cherty-igry-na-realnye-sredstva-v-onlajnkazino/
21 May 2025 21:38
#1593   Erik
      
India is a nation with a rich and varied society when it concerns sexuality.


Feel free to surf to my homepage: Dane

Top quality HD video clips 1080p sex are not always
readily available on the web.

Feel free to visit my webpage: https://pinecorp.com/employer/heather_sexbule/
21 May 2025 17:46
#1592   Boyd
      
Good collection of Hindi sexy blue movie video clips. Keep up the good work!


My web site Dyan
21 May 2025 15:11
#1591   Torsten
      
Great collection of Mia Khalifa naked sex videos. Okay at all.


my webpage: Doug
21 May 2025 12:52
#1590   Leo
      
Excellent collection of Gabbie Carter nude pictures, maintain looking for more.


Also visit my homepage ... https://minify.biz/roycembr156334
21 May 2025 10:36
#1589   Harris
      
See how an amateur GF makes love with her BFF in this video.



my webpage: https://fs-biolink.com/verlawoollard4
21 May 2025 10:05
#1588   Bette
      
Kay J sex video clips are very warm, aren't they?.


My site https://holisticrecruiters.uk/employer/addie/
21 May 2025 08:29
#1587   Vance
      
Intriguing insights into the Japan sex BF sensation.

Feel free to visit my blog; https://shrnkme.site/eleanorfulford
21 May 2025 06:44
#1586   Soila
      
New video clip pop XXXBF porn hub abducted representative VI.
Get ready for some warm activity!
21 May 2025 04:56
#1585   Rubin
      
Nepali sex video clip material is not suitable
for all ages.

Also visit my web site: https://southwestjobs.so/employer/nepali-sex/
21 May 2025 04:45
#1584   Wilburn
      
Great web content, I like it. Discover it through Google
search for the best blowjob video clips.

My web site: https://recrutement.fanavenue.com/companies/maribel/
21 May 2025 03:40
#1583   Elva
      
High quality adult movies in HD are what most of us desire.
Aren't we?

my web site - https://jong-dcc.site/employer/hosea_sexbule-xxx/
21 May 2025 01:22
#1582   Hershel
      
Belle Delphine pornography video clips are except the weak of heart.


My site :: https://urlfast.co/quincymcrobert
21 May 2025 01:12
#1581   Denny
      
Fascinating combination of Tamil and hindi tamil sex in the content.
21 May 2025 00:25
#1580   Hilario
      
Several of the most effective totally free gay
porn
sites can be located in this blog post.

Examine it out!
20 May 2025 21:51
#1579   Lorri
      
Great collection of tamil aunty nude
videos
. Maintain it up.
20 May 2025 21:30
#1578   Monserrate
      
Если онлайн казино предлагает
ограниченный выбор игровых автоматов, это может указывать на его непригодность для долгосрочной игры и потенциальные риски для игроков.


Here is my web page - Тут
20 May 2025 20:40
#1577   Fermin
      
При выборе слота игроки зачастую оценивают его сначала визуально,
не всегда обращая внимание на технические характеристики.


Stop by my homepage: Подробнее
20 May 2025 20:10
#1576   Lan
      
Warm scenes with Bollywood actresses-- XXX video clip collection.

Here is my web-site: https://ishortener.site/pearlineyurani
20 May 2025 18:53
#1575   Marguerite
      
Lauren Compton porn video is not just as good as her various
other works.

Review my web site - https://upgrade.stroijobs.com/employer/milla/
20 May 2025 16:53
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 ... 83Next