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: 582
#502   Freya
      
Hi my friend! I wish to say that this article is amazing, great written and include almost all significant infos.
I would like to peer extra posts like this .

Have a look at my web blog ... ورشة المنيوم
4 February 2025 02:59
#501   Linette
      
If some one needs to be updated with hottest technologies after that
he must be visit this website and be up to date every day.


My web blog :: ورشة
زجاج ومرايا
4 February 2025 02:57
#500   Venetta
      
I like the valuable information you supply in your articles.
I will bookmark your weblog and test once more here regularly.
I'm rather sure I'll be informed many new stuff right here!
Good luck for the following!

Also visit my homepage; ورشة المنيوم فى
الرياض
4 February 2025 02:52
#499   Annabelle
      
Fantastic beat ! I would like to apprentice while you amend
your website, how can i subscribe for a blog website?
The account aided me a acceptable deal. I had been tiny bit acquainted of this your broadcast provided bright clear concept

my blog post: ورشة المنيوم
بالرياض
4 February 2025 02:45
#498   Guadalupe
      
Link exchange is nothing else however it is simply placing the other person's weblog
link on your page at proper place and other person will also
do same in favor of you.

Here is my website ... ورشة
المنيوم فى الرياض
4 February 2025 02:38
#497   Katrice
      
Great article, exactly what I was looking for.

Also visit my blog post :: تكلفة السقف الزجاجي
4 February 2025 02:29
#496   Piper
      
Nice answers in return of this difficulty with genuine
arguments and telling all on the topic of that.


my webpage ورشة المنيوم فى الرياض
4 February 2025 02:23
#495   Lucinda
      
Hello there! This is my 1st comment here so I just wanted to give a quick shout out and
tell you I really enjoy reading your blog posts. Can you recommend any other blogs/websites/forums that go over the same topics?
Thanks!

Also visit my web site ... ورشة المنيوم بالرياض
4 February 2025 02:11
#494   Keenan
      
Very nice article, exactly what I wanted to find.


Also visit my page :: ورشة المنيوم
4 February 2025 01:45
#493   Donte
      
This is a topic which is near to my heart... Cheers!
Where are your contact details though? Please Review my website Rajatoto88

Feel free to visit my page: situs
togel 100 perak
4 February 2025 01:06
#492   Damon
      
Hello, i believe that i saw you visited my website so i came to return the desire?.I'm attempting to
in finding issues to enhance my website!I guess its ok to use a few of your ideas!!


In a globe where offices are rapidly evolving to satisfy the needs of a dynamic labor force, LMCHING attracts
attention as a principal in driving this makeover.

Through its focus on improving capability, wellness, and team effort, LMCHING has actually reshaped
how business and workers see their offices.

Its cutting-edge styles and technological solutions are setting new standards for the modern-day office.


At the core of LMCHING's success is its dedication to producing
versatile and people-centric workspaces.

Today's offices are dynamic, needing flexibility to straighten with business growth and
worker variety.

By using bespoke remedies that combine modern technology with accessible layouts, LMCHING fulfills these demands properly.


From modular formats to clever assimilations, every function is designed with an objective:
to optimize productivity and motivate creativity.


Attributes have actually always been a cornerstone of LMCHING's philosophy.


The brand's capability to incorporate functionality with
aesthetic appeals has led to workspaces that are both effective and visually
appealing.

With choices like adjustable workdesk arrangements, wise lights systems, and
ergonomic furnishings, LMCHING ensures that companies
can create settings that straighten with their unique goals and societies.


These offerings are essential for encouraging participating efforts, fresh ideas, and worker engagement.


Modern technology has actually become a crucial part of modern-day work
space remedies, and LMCHING has welcomed it totally.

The brand name's offerings include AI-powered tools for workspace optimization, automated organizing systems, and smooth
communication platforms.

By improving processes, these innovations totally free groups to concentrate on crucial tasks and
purposes.

LMCHING's technical strategy showcases its resolve to supply solutions for the
workforce of tomorrow.

A hallmark of LMCHING's technique is its collaborative technique.


With alliances with brands such as SkinCeuticals and HELENA
RUBINSTEIN, LMCHING has actually boosted its global impact.


Such cooperations highlight LMCHING's integration of
self-care and beauty right into its work spaces, showing
its focus on comprehensive office experiences.

By being acknowledged for sophisticated skin care products,
SkinCeuticals has actually improved LMCHING's
offerings with innovative facets.

Jointly, they display exactly how self-care impacts expert productivity.


Consisting of SkinCeuticals' offerings in office layouts, LMCHING gives staff accessibility to resources that enhance
everyday wellness.

Their collaboration demonstrates a common dedication to promoting confidence and health and wellness
at the office.

Adding to LMCHING's vision, HELENA RUBINSTEIN brings class and empowerment to modern offices.


Their collaboration stresses the relevance of creative
thinking and improvement in specialist setups.

By integrating premium Helena Rubinstein and SkinCeuticals skincare (Myles) items and design components from HELENA RUBINSTEIN, LMCHING has actually created atmospheres that influence both
personal and specialist growth.

Their collaboration shows how the brand name effortlessly incorporates opulence with functionality.


LMCHING attract attention because of its all-encompassing strategy to office design.

Its ability to address the sensible, psychological, and emotional requirements
of staff members has actually made it a leader in the field.


Its emphasis on settings that urge development and teamwork fulfills present expert
assumptions.

As businesses continue to adjust to hybrid and flexible job designs, the importance of adaptable and motivating office services comes to
be much more obvious.

LMCHING is at the center because of its progressive styles and
strategic collaborations.

LMCHING is specifying the future of workplace by integrating modern technology, health functions, and
personalized solutions.

By partnering with respected brands and concentrating on advancement, LMCHING shows it can go beyond contemporary business expectations.


Its impact gets to past physical offices, developing criteria for suitable workplace.


Thus, LMCHING doesn't just enhance workplaces; it encourages
their residents.
4 February 2025 00:18
#491   Alphonse
      
Wow that was strange. I just wrote an very long comment but after I clicked submit my comment didn't appear.
Grrrr... well I'm not writing all that over again. Anyway,
just wanted to say fantastic blog!

Here is my homepage :: trychat gpt
3 February 2025 23:03
#490   Emmett
      
This is my first time pay a quick visit at here and i am in fact pleassant to
read all at alone place.

Here is my website try chat
gpt free
3 February 2025 22:48
#489   Tilly
      
Wow, marvelous blog layout! How long have you been blogging for?
you made blogging look easy. The overall look of your site is
great, as well as the content!

Here is my web site Try Gpt Chat
3 February 2025 22:46
#488   Annett
      
Woah! I'm really loving the template/theme of this website.
It's simple, yet effective. A lot of times it's challenging to
get that "perfect balance" between superb usability and visual appearance.
I must say you've done a fantastic job with this. In addition, the blog loads extremely quick for me on Firefox.
Exceptional Blog!

Also visit my webpage chat gpt free
3 February 2025 22:43
#487   Dominick
      
Thank you for sharing your info. I truly appreciate your efforts and I will be waiting for
your next write ups thank you once again.

Review my blog post :: "chat gpt"
3 February 2025 22:37
#486   Sean
      
Hmm it looks like your blog 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 points for newbie blog writers?
I'd genuinely appreciate it.

Also visit my website trychatgt
3 February 2025 22:06
#485   Byron
      
Link exchange is nothing else but it is just placing the
other person's web site link on your page at appropriate place and other
person will also do similar for you.

Also visit my webpage - gpt chat free
3 February 2025 22:01
#484   Lily
      
Thanks very nice blog!

Visit my web-site; online chat gpt
3 February 2025 21:42
#483   Efren
      
hi!,I like your writing so a lot! proportion we communicate more approximately your post on AOL?

I need a specialist in this space to solve my problem. Maybe that's you!
Looking forward to look you.

Stop by my page - chat gpt try now
3 February 2025 21:31
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 ... 30Next