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
#2437   Penelope
      
Fantastic goods from you, man. I have understand your stuff previous to and you are just too wonderful.
I really like what you have acquired here,
certainly like what you are saying and the way in which you say it.
You make it enjoyable and you still care for to keep it sensible.

I can't wait to read far more from you. This is really a great
site.

my website; landscaping
services Honolulu HI
23 October 2025 12:45
#2436   Brodie
      
Hi, everything is going perfectly here and ofcourse every one is sharing data, that's actually fine, keep
up writing.

Here is my web site HVAC repair Fredericksburg VA

Have you ever thought about publishing an e-book or guest authoring on other websites?
I have a blog based on the same information you discuss and would really like to have you share some stories/information. I know my readers would enjoy your work.
If you're even remotely interested, feel free to shoot me an e mail.


Also visit my web blog ... deck builders
Lexington KY
23 October 2025 12:42
#2435   Eugene
      
Undeniably imagine that which you said. Your favorite justification appeared to be on the
net the simplest factor to remember of. I say to you, I certainly
get annoyed whilst other folks think about issues that they plainly do not
recognize about. You managed to hit the nail upon the top and
also defined out the whole thing with no need side-effects , other folks can take a signal.

Will likely be again to get more. Thanks

My site California
fulfillment center
23 October 2025 12:25
#2434   Christen
      
Hi, its pleasant paragraph on the topic of media print,
we all be familiar with media is a enormous source of information.

Visit my page rodent control Dallas
23 October 2025 12:21
#2433   Jeannine
      
This is my first time pay a quick visit at here and i am truly happy to read all at alone place.



My site: DOT SAP Services
23 October 2025 12:14
#2432   Nannette
      
I every time used to study post in news papers but now as I
am a user of net thus from now I am using net for posts, thanks to web.


my web site ... water damage restoration Salt Lake City
23 October 2025 12:14
#2431   Krystyna
      
Hello! I just wanted to ask if you ever have any trouble with hackers?
My last blog (wordpress) was hacked and I ended up losing many months of hard work due
to no backup. Do you have any solutions to protect against hackers?


Review my page exterminators Forth Worth
23 October 2025 12:10
#2430   Moshe
      
I do agree with all of the ideas you've introduced in your post.
They are really convincing and can definitely work.
Still, the posts are very short for starters. May just you please extend them
a little from next time? Thank you for the post.

Also visit my web blog ... siding contractors Boston MA
23 October 2025 11:52
#2429   Blake
      
Hello there, I found your website by the use of Google while searching for a related
matter, your website came up, it seems good.
I have bookmarked it in my google bookmarks.

Hi there, just was alert to your weblog through Google,
and found that it is truly informative. I am going to
be careful for brussels. I'll appreciate in the event you proceed
this in future. Many folks can be benefited out of your writing.
Cheers!

Feel free to visit my homepage Ideal Fulfillment
23 October 2025 11:51
#2428   Claudio
      
Thanks for your personal marvelous posting! I quite enjoyed
reading it, you will be a great author.I will remember
to bookmark your blog and will eventually come back at some point.
I want to encourage that you continue your great work,
have a nice evening!

Also visit my site: water heater repair Castle Rock
23 October 2025 11:44
#2427   Elvin
      
Wow, amazing blog structure! How long have you been blogging for?
you make running a blog glance easy. The full glance of your site
is wonderful, let alone the content!

Stop by my blog post colorectal surgeon Phoenix
23 October 2025 11:41
#2426   Bryant
      
Hi there! I could have sworn I've been to this blog before but after checking
through some of the post I realized it's new to me. Anyways,
I'm definitely happy I found it and I'll be bookmarking and checking back frequently!


Here is my webpage - 3PL warehouse cost
23 October 2025 11:35
#2425   Leta
      
This article offers clear idea in favor of the new visitors of blogging, that actually how to do
running a blog.

my web-site ... landscapers Oahu
23 October 2025 11:25
#2424   Jay
      
Excellent post! We are linking to this great post on our
site. Keep up the great writing.

my web-site: Garage Door Openers
23 October 2025 11:17
#2423   Shanna
      
I just couldn't depart your web site before suggesting that
I actually enjoyed the usual info an individual supply to your guests?

Is going to be again steadily to check out new posts

Feel free to visit my web page :: kitchen remodeling Dallas

Very energetic blog, I enjoyed that a lot. Will there be a part 2?


Here is my webpage - water damage restoration Salt Lake
City
23 October 2025 11:12
#2422   Corine
      
I do agree with all the ideas you've presented in your
post. They're really convincing and can definitely work.
Nonetheless, the posts are too quick for newbies. May you please prolong them a bit from subsequent time?
Thanks for the post.

Take a look at my blog post Website
23 October 2025 11:08
#2421   Dolly
      
I read this piece of writing fully regarding the difference of latest and preceding technologies, it's awesome article.


Feel free to visit my web site - Dust in Time Cleaners
23 October 2025 10:49
#2420   Randolph
      
Oh my goodness! Impressive article dude! Thank you so much, However I am
encountering difficulties with your RSS. I don't know why I cannot subscribe to it.

Is there anybody having the same RSS problems? Anyone
who knows the answer will you kindly respond?
Thanks!!

My web blog ... Copper Mountain Surgical
23 October 2025 10:46
#2419   Efrain
      
Article writing is also a excitement, if you
know afterward you can write if not it is difficult to write.



Have a look at my web blog landscaping Honolulu
23 October 2025 10:45
#2418   Adell
      
I am regular reader, how are you everybody? This piece of writing posted at this web
site is really good.

Also visit my homepage: water damage repair Salt Lake City

I do not know if it's just me or if everyone else encountering problems with your site.
It appears as if some of the written text in your posts are running
off the screen. Can someone else please comment and let me know if this is happening to them as well?
This could be a problem with my internet browser because I've had this happen previously.
Thanks

Also visit my homepage: landscape designers Honolulu HI
23 October 2025 10:43
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 ... 176Next