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
#551   Ladonna
      
Потом установите его на устройство,
открыв скачанный файл и следуя указанным инструкциям.



Here is my web page :: legzo casino зеркало
6 March 2025 22:15
#550   Evangeline
      
Cold compress around the nose and the eyes will aid diminish edema and bruises drastically.


Also visit my homepage ... Misooda
6 March 2025 11:01
#549   Maryanne
      
Зеркало официального сайта
Он-он икс казино
зеркало
casino — это важный инструмент для тех,
кто хочет получить доступ к платформе
в случае блокировки основного домена.
5 March 2025 22:41
#548   Bethany
      
Казино Он икс также предлагает раздел
FAQ, где собраны ответы на самые распространенные вопросы.



Here is my homepage - on-x casino
5 March 2025 22:40
#547   Dyan
      
Thanks in favor of sharing such a good idea, piece of wrriting
is fastidious, thats why i have read itt
entirely

my webpage - Online Casino (social.instinxtreme.com)
4 March 2025 01:35
#546   Millie
      
You need to take part in a contest for one of the highest quality blogs online.
I'm going to recommend this website!

my blog https://jabletv.ru
3 March 2025 18:22
#545   Rosa
      
Programs such as these can also have reduced down payment requirements.


Feel free to visit my web blog: Ezloan
3 March 2025 07:56
#544   Junior
      
A secured mortgage is a sort of loan by which the borrower pledges some sort
of asset ass collateral equal to the loan amount.

Have a look at my homepage ... Ezloan
3 March 2025 01:10
#543   Arlene
      
By following these steps, new bettors can navigate the
method smoothly and start enjoying the benefits of crypto sports betting.


Also visit my web blog: Korean Gambling
Sites
28 February 2025 12:16
#542   Reda
      
you are in reality a excellent webmaster. The website
loading speed is amazing. It kind off feels hat you are doing any unique trick.
In addition, The contents are masterpiece. you have done
a wonderful process iin this subject!

Also visit my web site ... Casino79
27 February 2025 01:56
#541   Miles
      
It's actually a nice and useful piece of
information. I'm glad that you shared this useful info with
us. Please keep us informed like this. Thank you for sharing.


My web-site: https://citobetcasino.net/en/
25 February 2025 10:33
#540   Launa
      
It's going to be ending of mine day, except before ending I am reading this wonderful article to improve
my know-how.

my page apuesta360
24 February 2025 15:36
#539   Eva
      
If you are already in South Korea, you can also apply for a student
visa.

Also visit my web site Room part-time job (Leonida)
24 February 2025 03:07
#538   Krystal
      
Good blog you have here.. It's difficult to find quality writing like yours
nowadays. I honestly appreciate people like you!
Take care!!

Review my web-site: phantomcache.com
22 February 2025 07:37
#537   Jeffrey
      
I used to be recommended this web site through my cousin. I'm now not positive whether or not this put up is written by him as no one else recognize such exact about my difficulty.
You're wonderful! Thank you!

Feel free to visit my page ... บิทคอยน์
22 February 2025 00:44
#536   Trena
      
Sweet blog! I found it while browsing on Yahoo News.
Do you have any tips on how to get listed in Yahoo News?
I've been trying for a while but I never seem to get there!
Many thanks dark
market
https://github.com/darknet-markets-online/darknet-markets
21 February 2025 04:57
#535   Jolene
      
Magnificent site. Lots of helpful info here.

I'm sending it to several friends ans additionally sharing
in delicious. And certainly, thank you for your sweat!


my website :: เวปล็อตโต
20 February 2025 23:24
#534   Sheree
      
Quality articles or reviews is the crucial to attract the users to pay
a visit the web site, that's what this site is providing.


Feel free to surf to my blog; Bitcoin Halving
20 February 2025 09:34
#533   Kareem
      
That is very fascinating, You are an overly skilled blogger.
I have joined your feed and look ahead to in search of extra of your fantastic post.
Additionally, I have shared your web site in my social networks

Feel free to visit my blog post :: อัตราต่อรอง
19 February 2025 07:16
#532   Jeff
      
Magnificent beat ! I wish to apprentice whilst you amend your web
site, how can i subscribe for a blog site? The account helped me a applicable
deal. I have been a little bit familiar of this your broadcast offered brilliant transparent idea
onion dark website https://github.com/darknetmarketlinks2025/darknetmarkets
18 February 2025 06:44
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 ... 51 52 53 54 55 56 57 58 59 ... 82Next