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
#2477   Dolores
      
色情内容 在专为成熟观众设计的平台上广泛可用。选择
安全网站 以确保安全。

Feel free to visit my webpage - anal sex porn
27 October 2025 12:15
#2476   Brandi
      
With havin so much written content do you ever run into any issues
of plagorism or copyright violation? My site has a lot of completely unique content I've either written myself or outsourced but it
seems a lot of it is popping it up all over the web without my permission. Do you know any methods to help
protect against content from being ripped off? I'd genuinely appreciate it.


Here is my blog :: Tangela
26 October 2025 16:05
#2475   Pablo
      
Does your site have a contact page? I'm having a tough
time locating it but, I'd like to send you an email.
I've got some suggestions for your blog you might be interested
in hearing. Either way, great blog and I look
forward to seeing it improve over time.

my blog; Electrician Salt Lake City
26 October 2025 03:59
#2474   Consuelo
      
Very great post. I simply stumbled upon your weblog and
wished to say that I have truly enjoyed browsing
your blog posts. After all I will be subscribing for your feed
and I'm hoping you write again soon!

my web page residential
electrician Salt Lake City
26 October 2025 03:51
#2473   Darrell
      
Hey there! I could have sworn I've been to this website before
but after reading through some of the post I realized
it's new to me. Nonetheless, I'm definitely happy I found it and I'll be
bookmarking and checking back frequently!

Also visit my page; electrical companies Indianapolis
26 October 2025 03:51
#2472   Flora
      
Hey There. I found your weblog the usage of msn. That is
a really neatly written article. I will make sure to
bookmark it and return to read extra of your useful info. Thanks for the post.
I'll certainly return.

Have a look at my webpage; sprinkler company Colorado
Springs
26 October 2025 03:30
#2471   Tamela
      
This post provides clear idea in favor of the new people of blogging,
that genuinely how to do running a blog.


Also visit my homepage: sprinkler repair Colorado Springs
26 October 2025 03:19
#2470   Tammi
      
Thank you a lot for sharing this with all of us you actually recognise what you are speaking approximately!
Bookmarked. Kindly also seek advice from my website =).
We may have a hyperlink trade contract between us

Here is my page ... electrical companies in Indianapolis
26 October 2025 03:10
#2469   Jani
      
I am regular reader, how are you everybody? This piece of
writing posted at this website is truly nice.

Also visit my website: electrician Salt Lake City UT
26 October 2025 03:01
#2468   Moises
      
This is very interesting, You are a very
skilled blogger. I have joined your rss feed and look forward to seeking more of your excellent post.

Also, I have shared your site in my social networks!


Here is my website :: sprinkler blowout Colorado Springs
26 October 2025 02:52
#2467   Enid
      
Wonderful goods from you, man. I have take note your stuff previous to and you are just extremely great.
I actually like what you have acquired here, really like what you're saying and
the way in which by which you say it. You're making it enjoyable and you continue to care for to stay it
smart. I can't wait to read far more from you.

That is really a tremendous site.

Feel free to visit my webpage - residential
electrician Salt Lake City
26 October 2025 02:49
#2466   Maryann
      
Good response in return of this query with real arguments and describing the whole thing
concerning that.

Here is my web site ... Colorado
Springs hardscaping
26 October 2025 02:41
#2465   Charles
      
Undeniably believe that which you said. Your favorite justification seemed to be on the internet
the easiest thing to be aware of. I say to you, I definitely get irked while
people think about worries that they plainly do not know about.
You managed to hit the nail upon the top
and also defined out the whole thing without having side-effects ,
people could take a signal. Will likely be back to
get more. Thanks

Here is my web site - electricians Indianapolis
26 October 2025 02:40
#2464   Charles
      
Do you have a spam problem on this website; I also am a blogger, and I was wanting to know your
situation; we have created some nice procedures and we are looking to swap techniques with other folks, why not shoot me an e-mail if interested.



my web page; electrical installation service Salt Lake County
26 October 2025 02:24
#2463   Clark
      
Heya i am for the first time here. I came across this
board and I find It truly useful & it helped
me out a lot. I hope to give something back and aid others like you aided me.


Also visit my web-site - دانلود آهنگ جدید اهنگ کامران هومن
26 October 2025 02:02
#2462   Prince
      
25 October 2025 12:13
#2461   Maik
      
Piece of writing writing is also a fun, if you know then you can write if not
it is difficult to write.

Feel free to surf to my web-site; basement remodeling contractor
23 October 2025 17:41
#2460   Cheri
      
Do you mind if I quote a few of your articles as long as I provide credit and sources back to your
website? My website is in the exact same niche as yours and my users would
definitely benefit from a lot of the information you provide here.
Please let me know if this ok with you. Appreciate it!



Here is my site; Quality Garage Doors
23 October 2025 17:05
#2459   Heike
      
I was recommended this web site by way of my cousin. I am no longer sure whether or not
this put up is written through him as no one else understand such distinct approximately my difficulty.

You're incredible! Thank you!

Also visit my web blog: deck builders Lexington KY
23 October 2025 16:40
#2458   Roger
      
Fastidious response in return of this question with firm
arguments and telling the whole thing concerning that.


My web-site ... robotic hernia surgery
23 October 2025 16:24
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 ... 49 50 51 52 53 54 55 56 57 ... 176Next