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
#2177   Wilbert
      
Write more, thats all I have to say. Literally, it seems as though you relied on the video to make your point.
You clearly know what youre talking about, why waste your intelligence on just posting videos to your blog when you
could be giving us something informative to read?


my web-site ... click here (Thalia)
28 September 2025 19:41
#2176   Muhammad
      
Hi, after reading this amazing piece of writing i am too happy
to share my experience here with colleagues.

Here is my page :: no credit cannabis equipment financing [Kathrin]
28 September 2025 19:37
#2175   Galen
      
你好,感谢分享这篇文章。我一直在使用 teams 来提升团队协作效率。通过 teams appmicrosoft teams,可以方便地进行远程办公。无论是
microsoft teams下载teams下载,还是访问 teams官网
teams官网下载,都能轻松获取官方版本。

对于电脑端用户,teams电脑版teams电脑版下载 非常实用,并且支持 teams中文 界面,让使用更加顺畅。无论选择 teams pcmicrosoft teams downloadteams downloaddownload microsoft teamsdownload teams,都能顺利安装使用。无论是 microsoft
teams meeting
还是 teams meeting,都让团队沟通更加高效。

你好,感谢分享这篇有用的文章。我一直在使用 谷歌验证器
来保障账号安全,通过 谷歌验证器下载 可以快速安装,而 谷歌验证器官网谷歌验证器官网下载 提供官方安全版本。对于电脑端用户,谷歌验证器电脑版 非常实用,搭配 谷歌身份验证器谷歌身份验证器下载,可以更好地保护 身份验证器 的安全性。

国际上广泛使用 Google
Authenticator
,包括 Google Authenticator下载Google Authenticator官网Google Authenticator官网下载
Google Authenticator电脑版。无论您选择 google authenticator pcgoogle authenticator app,还是 google authenticator googlegoogle google authenticator,都非常安全可靠。最后,我也推荐使用 authenticator app
authenticator,有效提升账号安全。

博主您好,非常感谢分享这篇有用的文章。我一直在使用 teams 来提高团队协作效率。通过 teams app
microsoft teams,我可以方便地进行远程办公。无论是 microsoft teams下载teams下载,还是访问
teams官网teams官网下载,都能轻松获取官方版本。

对于电脑端用户,teams电脑版teams电脑版下载
都非常实用,并且支持 teams中文 界面,方便国内用户操作。同时,teams pcmicrosoft teams downloadteams downloaddownload microsoft teamsdownload
teams
都能顺利安装并使用。无论是在线会议还是日常协作,microsoft teams meetingteams meeting 都让团队沟通更高效。
28 September 2025 13:18
#2174   Esther
      
It's wonderful that you are getting thoughts from this paragraph as well as from our
dialogue made at this time. darknet markets onion address https://darknet-market.org
28 September 2025 07:40
#2173   Gary
      
Hi i am kavin, its my first time to commenting anyplace, when i
read this paragraph i thought i could also make comment due to this sensible article.



Also visit my site 3pl companies
in California
28 September 2025 00:51
#2172   Forest
      
I'm not sure exactly why but this site is loading extremely slow for me.
Is anyone else having this problem or is it a
issue on my end? I'll check back later on and see if the problem still exists.


Also visit my site ... 3PL kitting services
28 September 2025 00:21
#2171   Rigoberto
      
Because the admin of this web site is working, no doubt very soon it
will be renowned, due to its feature contents.


Feel free to surf to my web blog: ecommerce fulfillment
California
27 September 2025 23:46
#2170   Jacquie
      
Wow, that's what I was looking for, what a data! present here at this weblog, thanks admin of this website.


Also visit my website - landscaping
contractor Cape Girardeau MO
27 September 2025 23:25
#2169   Kazuko
      
It's a shame you don't have a donate button! I'd certainly
donate to this fantastic blog! I suppose for now i'll settle for book-marking and adding your RSS
feed to my Google account. I look forward to fresh updates and will share this website with my Facebook group.
Chat soon!

my site ... fulfillment services Los Angeles

Howdy! This post could not be written any better!
Reading through this post reminds me of my previous room mate!
He always kept chatting about this. I will forward
this article to him. Fairly certain he will have a good read.

Many thanks for sharing!

my homepage 3PL warehouse
costs
27 September 2025 23:04
#2168   Johnny
      
There's certainly a great deal to learn about this subject.

I love all the points you've made.

Visit my blog post :: 3PL warehouse costs
27 September 2025 22:45
#2167   Terence
      
An impressive share! I have just forwarded this onto a co-worker who had been conducting a little homework on this.

And he actually ordered me dinner simply because I stumbled upon it for him...

lol. So allow me to reword this.... Thanks for the meal!!
But yeah, thanx for spending time to talk about this topic here
on your internet site.

Feel free to visit my web-site; landscaping contractor Cape Girardeau MO
27 September 2025 22:06
#2166   Flossie
      
My brother suggested I might like this web site.
He was totally right. This post truly made my day.

You can not imagine just how much time I had spent for
this info! Thanks!

Feel free to visit my homepage ... 3PL kitting services
27 September 2025 22:00
#2165   Trista
      
Hello my friend! I want to say that this post is amazing, great written and come with almost all important infos.
I'd like to peer more posts like this .

My web site: lawn mowing
Cape Girardeau


I think this is one of the so much important info for
me. packaging and kitting services i'm satisfied studying your article.
But want to observation on some general things, The web site taste is wonderful,
the articles is really great : D. Excellent process, cheers
27 September 2025 21:51
#2164   Bev
      
Discovered 爱思助手 аnd found it to Ƅe a
very useful iOS management tool. Witһ 爱思助手下载, you can safely update, back up,
and optimize your iPhone ⲟr iPad. Many iOS ᥙsers prefer 爱思 Ƅecause it makes device management simple.

Оne of the highlights is i4助手, whіch offers stable functions fⲟr handling
apps, data, and updates. If уou aгe loоking for
a dependable tool, І4 pгovides аn excellent platform.
І advise thіs site for anyone who wants an safe iOS solution.
Ⲟverall, aisiis.com iѕ a fantastic pⅼace fߋr Apple սsers.
26 September 2025 19:23
#2163   Louvenia
      
Pour acheter une robe années 60, rendez-vous sur notre mature teen porn - adult xxx video hot porn site
- Cathryn, Vêtement Vintage.
25 September 2025 01:19
#2162   Valeria
      
Pour les hommes, un costume cintré avec une cravate fine et une paire de
mocassins vous donnera l'ultime ambiance des années 60.

Feel free to visit my webpage - black gay porn sex video
- trans lesbian porn
25 September 2025 01:16
#2161   Pedro
      
N’oubliez pas que chaque âge a ses charmes et que l’essentiel est de se
sentir bien dans ses vêtements.

my homepage :: black gay porn sex video - big ass xxx video
sex porn
25 September 2025 01:04
#2160   Ana
      
Wow, awesome blog format! How lengthy have you been running a
blog for? you made running a blog glance easy.
The total glance of your website is great, as
smartly as the content!

Also visit my blog post - bankruptcy attorney in NJ
22 September 2025 18:40
#2159   Ira
      
I'm impressed, I must say. Rarely do I come across a blog that's equally educative
and interesting, and let me tell you, you have hit the nail on the head.
The problem is something that too few people are speaking intelligently about.
I'm very happy I found this in my search for something regarding this.


Also visit my web blog; NJ
bankruptcy lawyer
22 September 2025 18:29
#2158   Kaley
      
I'm not sure where you're getting your info, but
good topic. I needs to spend some time learning more or understanding more.
Thanks for excellent information I was looking for
this info for my mission.

My web page: bankruptcy attorney in NJ
22 September 2025 18:22
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 ... 64 65 66 67 68 69 70 71 72 ... 176Next