Jobless claims surge to 3.3M as coronavirus spreads

Editor
Read Time5 Minute, 59 Second


Layoffs are skyrocketing to unprecedented levels as the coronavirus upends the U.S. economy.

The number of Americans filing initial applications for unemployment benefits jumped nearly twelvefold to a record 3.28 million last week, the Labor Department said Thursday, offering the most vivid evidence yet of the pandemic’s widespread damage to the economy.

The total was well above the 1.5 million claims economists had forecast, according to the median estimate of those surveyed by Bloomberg. Workers file claims for unemployment benefits when they lose their jobs.

“A definite and unmistakable sign the United States has entered a recession,” Chief Economist Scott Anderson of Bank of the West wrote in a note to clients.

The pandemic has set off the most abrupt near-shutdown of the economy in history. Many restaurants, shops, movie theaters, sports arenas and other gathering spots across the country suddenly closed their doors or scaled back service last week to contain the spread of the virus.



Source link

0 0

About Post Author

Editor

Editor is St Louis Media, LLC (STLM). STLM is a web hosting, design, SEO, press release distribution company and news agency located in St. Louis, Missouri. We own and operate multiple news sites in the region. Our objective with STLNewsMissouri.com is to offer readers a one-stop news site for Missouri news. We aggregate news from news media across the state. We do not aggregate news from all sources. We pick from those that offer RSS feeds and pick the best with eliminating those that might produce the same news stories, written differently.
Happy
Happy
0 %
Sad
Sad
0 %
Excited
Excited
0 %
Sleppy
Sleppy
0 %
Angry
Angry
0 %
Surprise
Surprise
0 %
Next Post

Amid COVID-19 pandemic, Missouri unemployment claims increase tenfold

COLUMBIA – More than 42,000 Missourians filed for unemployment in the last week, according to new data released Thursday by the Missouri Department of Labor. The number jumped from 3,976 on March 14, to 42,207 on Friday. According to a press release from the department, this is “the highest level […]

Subscribe US Now