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: 1631
#591   Santo
      
Hot and hot Indian village sex video clips, you claim?
Count me in!

My blog post; https://www.jobsnavigate.com/employer/derek
8 April 2025 09:07
#590   Don
      
Hot scenes of Bollywood actresses in the naked are constantly sought after.



Have a look at my web blog https://ubereducation.co.uk/companies/young_sex-bule/
8 April 2025 07:08
#589   Tania
      
Ultra HD pornography is the future of grown-up enjoyment, prepare!


Stop by my website: https://prestigebluestar.com/employer/leilani/
7 April 2025 22:10
#588   Edwardo
      
Hello to all, how is everything, I think every one is getting more from this web page, and
your views are fastidious designed for new visitors.

My website; dewapoker login
7 April 2025 02:17
#587   Dessie
      
instagram follower kaufen 1€

Have a look at my page; fansoria
5 April 2025 13:07
#586   Fredrick
      
I have been surfing online greater than three hours as of late, but I by no means found any fascinating article
like yours. It is lovely value sufficient for me.
In my view, if all site owners and bloggers made just right content material as you did,
the net will probably be a lot more helpful than ever before.


Also visit my homepage :: gogogocheck
5 April 2025 05:07
#585   Dinah
      
4 April 2025 10:37
#584   Avis
      
В дополнение к приветственному бонусу, также
проводятся постоянные
акции.

my site: старда казино официальный сайт
2 April 2025 20:23
#583   Clarissa
      
В правом верхнем углу предусмотрены кнопки для регистрации и входа на официальный сайт.
2 April 2025 20:09
#582   Kimberley
      
Кроме того, мы изучили отзывы игроков и провели
анализ качества обслуживания клиентов.



Here is my blog; казино онлайн
2 April 2025 04:23
#581   Clay
      
Клиенты могут быть уверены, что
их запросы будут обработаны оперативно, будь то вопросы о депозитах, выводе средств или работе слотов.


Here is my homepage ... он икс казино
2 April 2025 03:52
#580   Catherine
      
Фриспины позволяют игрокам бесплатно вращать барабаны
определенных слотов, сохраняя при этом возможность выигрыша реальных
денег.

my homepage - промокод вулкан фортуна
2 April 2025 03:13
#579   Jessie
      
Excellent post. I definitely love this website. Keep it up!


Feel free to visit my homepage: Cocktailsocken (Benito)
30 March 2025 00:15
#578   Ashley
      
Safeguard with companies that provide extended warranties, debt cancellation or asset protection.

My site :: Loan
27 March 2025 23:37
#577   Maura
      
Во втором случае появляется возможность скачивать приложение.


Here is my blog :: казино онлайн
27 March 2025 21:09
#576   Bennett
      
Unquеstiοnably believe that which you said. Yoսr favorite justification seemed to be on the web tһe easiest thing to
be aware of. I say to you, I definitely get annoyed while people consider worries that thеy plainly do not know aЬout.

You manageɗ to hit the nail upon the top as well as dеfined out
the whole thing without having side-effects , people can take a signal.
Will probablү be back to ցet more. Tһanks

Feel free to surf to my weЬ page :: Uniform Factory
27 March 2025 13:07
#575   Darlene
      
A Megaplier numberr from 2 to 5 is drawn on the night of every Megaa Millikns draw.


Also visit my web site; Lotto Winning Numbers
27 March 2025 02:42
#574   Ollie
      
27 March 2025 02:13
#573   Isabelle
      
На страницах онлайн-ресурса встречаются
образы симпатичных пин ап полураздетых моделей в соблазнительных позах.


My site; pin up
26 March 2025 22:30
#572   Shaunte
      
Одним из самых популярных видов бонусов являются приветственные бон икс казиноусы, которые предоставляются новым игрокам при регистрации.
26 March 2025 03:23
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 ... 82Next