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: 3517
#2597   Amelia
      
What's up, yup this post is in fact good and I have learned lot of things from it on the topic of blogging.
thanks.

Feel free to visit my web site: Business Automation Services
9 November 2025 10:57
#2596   Marta
      
Hey there just wanted to give you a quick heads up
and let you know a few of the images aren't loading properly.
I'm not sure why but I think its a linking issue.
I've tried it in two different web browsers and both show the same outcome.


Stop by my homepage; fence companies Houston
9 November 2025 09:59
#2595   Betsy
      
This website was... how do I say it? Relevant!! Finally I
have found something that helped me. Thank you!


Also visit my web-site ... fence repair
in Houston
9 November 2025 09:53
#2594   Marissa
      
I think the admin of this web site is really working hard in favor of his web page, for the reason that here every stuff is quality based material.


Review my homepage :: fence company Houston
9 November 2025 09:52
#2593   Geri
      
An impressive share! I've just forwarded this onto a co-worker who has been conducting a little research on this.
And he in fact ordered me dinner because I stumbled upon it for him...
lol. So let me reword this.... Thanks for the meal!! But yeah,
thanks for spending some time to discuss this topic here on your website.



Here is my webpage fence companies Houston
9 November 2025 09:52
#2592   Crystle
      
This blog was... how do I say it? Relevant!! Finally I have found something which helped me.
Thanks a lot!

My homepage - Pipedrive expert
9 November 2025 09:46
#2591   Lynette
      
It's hard to find knowledgeable people for this topic, however, you sound like you know what you're talking about!
Thanks

my webpage: Workflow Automation Services
9 November 2025 09:45
#2590   Shirley
      
It's genuinely very complex in this active life to listen news on TV, therefore I simply use web for that purpose, and obtain the hottest information.

my site; storage
units Charleston SC
9 November 2025 09:33
#2589   Ethan
      
WOW just what I was looking for. Came here by searching for
million

my web-site residential painter Denver
9 November 2025 09:27
#2588   Thaddeus
      
Very nice post. I simply stumbled upon your blog and
wished to mention that I have really loved surfing around your blog posts.
In any case I will be subscribing in your rss feed and
I hope you write again soon!

my blog post :: landscaping contractor Cape Girardeau MO

I don't know whether it's just me or if everybody
else experiencing problems with your website.
It appears like some of the text within your content are running
off the screen. Can somebody else please comment and let me know if this is happening to them as well?
This may be a issue with my browser because I've had this happen previously.
Appreciate it

Feel free to surf to my webpage: Jacksonville NC electric

It's hard to find educated people in this particular subject, however, you seem like you know what you're talking about!
Thanks

Here is my web page - Providence
Senior Care


Wonderful goods from you, man. I've understand your
stuff previous to and you are just extremely magnificent.
I actually like what you've acquired here, certainly like what
you're stating and the way in which you say it. You make it entertaining and
you still care for to keep it wise. I can not wait to read much more from you.
This is really a wonderful site.

Here is my blog post: commercial electrical installation
9 November 2025 09:25
#2587   Jonathon
      
Hi, Neat post. There's an issue with your site in internet explorer, may check
this? IE still is the marketplace chief and a large section of people will pass
over your magnificent writing due to this problem.


my web page home
care Asheboro NC
9 November 2025 08:59
#2586   Howard
      
I was more than happy to uncover this website.
I want to to thank you for ones time for this
fantastic read!! I definitely appreciated every part of it and i also have you bookmarked
to see new things on your web site.

Stop by my homepage ... storage unit Charleston SC
9 November 2025 08:48
#2585   Annette
      
My brother recommended I might like this web site. He was entirely right.
This post truly made my day. You can not imagine just
how much time I had spent for this info! Thanks!

Also visit my website: lawn care Cape Girardeau
9 November 2025 08:43
#2584   Adriene
      
I'm curious to find out what blog platform you happen to be working with?
I'm having some small security issues with my latest blog and I'd like to find
something more safeguarded. Do you have any recommendations?



Here is my website commercial electrical service
9 November 2025 08:37
#2583   Santiago
      
I like what you guys tend to be up too. This type of
clever work and reporting! Keep up the great works guys
I've added you guys to my blogroll.

Also visit my website: Companion Care Mocksville NC
9 November 2025 08:27
#2582   Andra
      
It's a shame you don't have a donate button! I'd without a
doubt donate to this fantastic blog! I guess for
now i'll settle for bookmarking and adding your RSS feed to my Google account.
I look forward to fresh updates and will share this blog
with my Facebook group. Chat soon!

Feel free to visit my web-site :: Pipedrive
workflow automation
9 November 2025 08:27
#2581   Syreeta
      
There's definately a lot to find out about this subject.
I love all of the points you've made.

Feel free to surf to my page - painters Denver
9 November 2025 08:23
#2580   Delores
      
An outstanding share! I've just forwarded this
onto a colleague who was doing a little research on this.
And he in fact ordered me breakfast because I stumbled upon it for him...

lol. So let me reword this.... Thank YOU for the meal!!

But yeah, thanks for spending some time to discuss this
subject here on your blog.

My web site - in-home care Asheboro NC
9 November 2025 08:20
#2579   Jami
      
Excellent site you have here but I was wondering if you knew of any community
forums that cover the same topics talked about in this article?
I'd really like to be a part of community where I can get feedback from other knowledgeable
individuals that share the same interest. If you have any suggestions, please let me know.
Appreciate it!

Visit my site ... exterior painters Denver
9 November 2025 08:12
#2578   Philomena
      
Quality posts is the secret to invite the people to
pay a quick visit the site, that's what this web site
is providing.

Visit my blog post - Flow Digital
9 November 2025 08:08
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 ... 43 44 45 46 47 48 49 50 51 ... 176Next