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
#2736   Leonore
      
Hello there! This post couldn't be written any better!
Reading this post reminds me of my old room mate! He always kept talking about this.
I will forward this article to him. Fairly certain he will have a good read.
Thank you for sharing!

My web blog :: Visit Our
Website Here
22 November 2025 11:22
#2735   Rebekah
      
fantastic issues altogether, you simply received a brand new reader.
What might you suggest in regards to your post that you simply made a few days ago?
Any positive?

my page ... kitting and
assembly services
22 November 2025 11:20
#2734   Megan
      
Wow, amazing blog layout! How long have you been blogging
for? you made blogging look easy. The overall look of your website is fantastic, as well as
the content!

Feel free to visit my blog: drain cleaning Castle Rock
22 November 2025 11:14
#2733   Thomas
      
This is my first time go to see at here and i am genuinely impressed to read all
at single place.

My blog :: Visit
Website
22 November 2025 11:08
#2732   Jackie
      
Good day! I know this is kinda off topic but I'd figured I'd ask.

Would you be interested in trading links or maybe guest authoring Book a Tour
blog article or vice-versa? My site addresses 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 send me an e-mail.
I look forward to hearing from you! Wonderful blog by the way!
22 November 2025 09:59
#2731   Kendra
      
Wow, incredible blog layout! How long have you been blogging for?
you make blogging look easy. The overall glance of your site is magnificent,
as well as the content material!

my website; sisliescortilan.com
22 November 2025 09:44
#2730   Wilfredo
      
bookmarked!!, I love your site!

My web site: assisted
living Goose Creek SC
22 November 2025 09:42
#2729   Lakesha
      
Hi, Neat post. There is an issue with your web site in internet explorer, might
check this? IE nonetheless is the market chief and a
large section of people will omit your fantastic writing due to this problem.



my site: assisted living Goose Creek SC
22 November 2025 09:38
#2728   Betsey
      
I have been exploring for a little bit for any high-quality articles or weblog posts in this kind of area .
Exploring in Yahoo I finally stumbled upon this web site. Studying this information So i'm satisfied to
express that I have Book a Tour very just
right uncanny feeling I discovered just what I needed.
I so much certainly will make certain to do
not omit this web site and provides it a glance on a continuing basis.
22 November 2025 09:38
#2727   Bettina
      
I love reading a post that can make men and women think. Also, many thanks for
allowing for me to comment!

Look at my web site - Stratford Place
22 November 2025 09:33
#2726   Ward
      
Hello there! I simply would like to give you a big
thumbs up for your great information you have got right here on this post.

I am returning to your blog for more soon.

Here is my homepage ... escort bayan
22 November 2025 07:48
#2725   Bernardo
      
Hello there! I know this is somewhat off topic but I was wondering if you knew where I could find a
captcha plugin for my comment form? I'm using the same blog platform as yours and I'm having difficulty finding one?
Thanks a lot!

Feel free to surf to my webpage; escort bayan
21 November 2025 05:20
#2724   Cody
      
Thanks for sharing your thoughts on million. Regards

Look into my homepage; kayseriescortbayan.com
20 November 2025 10:18
#2723   Tom
      
Good day! I know this is kinda off topic however I'd figured I'd ask.
Would you be interested in exchanging links or maybe guest authoring
a blog article or vice-versa? My website addresses a lot of
the same topics as yours and I think we could greatly benefit from each other.

If you are interested feel free to shoot me an email. I look forward to hearing from you!

Fantastic blog by the way!

Stop by my website :: escort bayan
20 November 2025 05:30
#2722   Marilyn
      
magnificent publish, very informative. I wonder why the opposite experts of this sector don't realize this.
You should continue your writing. I'm sure, you've a great readers' base already!



Visit my web-site :: escort bayan
20 November 2025 04:33
#2721   Freya
      
سلام خانم زهرا
به نظرم خوبه
سایت بت والیبال
رو برای بسکتبال.
این سایت پرداخت آنی و برای تازه‌کارها عالیه.

از خدماتش راضیم وبه نظرم عالیه ببینید.

تشکر ویژه.

My sitte - همه چیز درباره فیلم
های راک: چرا این نوع فیلمها در سایت شرط
بندی محبوب شدهاند؟ (2km7һd.pila.pl)
20 November 2025 01:35
#2720   Dale
      
Howdy, I believe your blog could possibly be having browser compatibility problems.
When I take a look at your blog in Safari, it looks fine but when opening in I.E., it
has some overlapping issues. I just wanted to give you a quick heads
up! Other than that, excellent blog!

Review my web-site: sovietshiksa.com
20 November 2025 01:12
#2719   Annis
      
I blog quite often and I really thank you for
your information. Your article has really peaked my interest.
I'm going to bookmark your blog and keep checking for new details about once a week.
I subscribed to your RSS feed too.

My blog post escort etiler
20 November 2025 00:32
#2718   Janette
      
وقت بخیر امیر جان
به نظرم سایت خوبیه
سایت تگزاس پوکر
رو در زمینه تنیس.
این سرویس ضرایب بالایی داره و برای کاربران جدید مناسبه.

پشتیبانی 24/7 و حتما امتحانکنید خدماتش رو.

بدرود.

Stop byy my web-ѕite: کازینو آنلاین هات بت
19 November 2025 23:06
#2717   Ramonita
      
سلام و درود
توصیه می‌شه
سایت بلک جک بت
رو برای قمار آنلاین.
این وبسایت امن تنوع بازی بالایی داره و برای فرمول یک بت عالیه.

امنیت تضمینی و به نظرم سایت خوبیه امتحان کنید.

سپاس علی.

Ɍeview my web site: هات بت جدید
2025
19 November 2025 22:22
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 ... 36 37 38 39 40 41 42 43 44 ... 176Next