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
#2397   Octavio
      
What's up to all, how is everything, I think every one is getting more from this web site, and your
views are nice designed for new people.

Here is my web site ... return-to-duty process
23 October 2025 08:07
#2396   Rose
      
landscaping
services Honolulu HI
, I do think your blog could possibly be having browser compatibility problems.
When I take a look at your blog in Safari, it looks fine however when opening in I.E.,
it has some overlapping issues. I merely wanted to give you a quick heads up!
Besides that, wonderful blog!
23 October 2025 08:04
#2395   Michael
      
You really make it seem so easy with your presentation but I
find this topic to be actually something that I think I would never understand.
It seems too complicated and very broad for me. I'm looking
forward for your next post, I'll try to get the hang of it!


Also visit my page bathroom remodeling Plano TX
23 October 2025 08:02
#2394   Edythe
      
all the time i used to read smaller content that
as well clear their motive, and that is also happening with this post which I am
reading at this place.

My blog post; water damage remediation Salt Lake City
23 October 2025 07:51
#2393   Ahmad
      
Interesting blog! Is your theme custom made or did you download
it from somewhere? A theme like yours with a
few simple tweeks would really make my blog jump out.
Please let me know where you got your design. Many thanks

Also visit my web-site :: plumbers Lehi Utah
23 October 2025 07:49
#2392   Aurelio
      
I've read a few good stuff here. Definitely value bookmarking for revisiting.
I surprise how much attempt you put to create this type of wonderful
informative site.

Here is my web site: movers in Salt Lake City
23 October 2025 06:56
#2391   Leila
      
观看色情内容 通过选择经过验证的成人网站来安全进行。使用 安全平台 以获得私密的娱乐体验。

Here iss my homepage: BUY VIAGRA ONLINE
19 October 2025 01:23
#2390   Fredrick
      
Really helpful post! Thanks for sharing your knowledge.
Can’t wait to read more. If anyone's interested,
check outarticle directory. Thanks again!

Feel free to visit my homepage - article directory
19 October 2025 00:55
#2389   Carey
      
Awesome write-up! You explained it really well. Sharing this
with my friends. If anyone's interested, here’s something related
blog directory discussion.
Thanks again!
14 October 2025 21:22
#2388   Rico
      
Excellent blog here! Also your web site a lot up very fast!
What web host are you the usage of? Can I am getting your affiliate hyperlink
for your host? I desire my site loaded up as fast as yours
lol

my web site - test
14 October 2025 06:52
#2387   Myrtis
      
It's appropriate time to make some plans for the longer term and it's time to be happy.

I've read this publish and if I could I want to recommend you some attention-grabbing things or advice.
Perhaps you can write subsequent articles regarding this article.
I wish to learn more things approximately it!


Here is my site: emergency plumbing Englewood
14 October 2025 06:33
#2386   Arlen
      
My coder is trying to convince me to move to .net from PHP.
I have always disliked the idea because of the costs.
But he's tryiong none the less. I've been using Movable-type on numerous websites for about a year and am anxious
about switching to another platform. I have heard very good things about blogengine.net.
Is there a way I can transfer all my wordpress posts into
it? Any help would be really appreciated!

My website :: Plumber Thornton
14 October 2025 06:26
#2385   Malorie
      
Greetings! Quick question that's totally off
topic. Do you know how to make your site mobile friendly? My site looks weird when browsing from my iphone4.
I'm trying to find a template or plugin that might be
able to resolve this issue. If you have any recommendations,
please share. With thanks!

Also visit my web page - plumbing excavation Arvada co
14 October 2025 06:26
#2384   Joshua
      
This is my first time go to see at here and i am actually impressed to read all at
one place.

Feel free to visit my web blog - emergency plumbing Wheat Ridge
14 October 2025 06:18
#2383   Alecia
      
Undeniably believe that which you stated. Your favorite reason appeared to be on the internet the simplest thing to be aware of.
I say to you, I definitely get irked while people consider worries that
they plainly don't know about. You managed to hit the nail upon the top and
also defined out the whole thing without having side effect
, people could take a signal. Will probably be back to get more.
Thanks

Feel free to visit my webpage plumbing Centennial
14 October 2025 05:52
#2382   Minna
      
It's going to be finish of mine day, but before end I am reading this fantastic piece of writing to increase my knowledge.


my webpage ... sewer line
repair Denver
14 October 2025 05:38
#2381   Theresa
      
Greetings! Very useful advice in this particular article!
It's the little changes that produce the most important changes.

Thanks for sharing!

Also visit my web page - plumbers Arvada
14 October 2025 05:37
#2380   Soon
      
If you are going for most excellent contents like I do,
only go to see this website all the time since it offers quality contents,
thanks

my web blog :: plumbing Wheat Ridge
CO


Keep on working, great job!

my page water
heater replacement Arvada
14 October 2025 05:35
#2379   Epifania
      
Howdy! Do you know if they make any plugins to safeguard against hackers?
I'm kinda paranoid about losing everything I've worked hard
on. Any recommendations?

Also visit my website: emergency plumbing Wheat Ridge
14 October 2025 05:26
#2378   Ellis
      
It's very straightforward to find out any topic on web
as compared to books, as I found this post at this web page.


Feel free to surf to my web site :: drain cleaning
Arvada CO
14 October 2025 05:24
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 ... 53 54 55 56 57 58 59 60 61 ... 176Next