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Unemployment Claims Hit 6.6 Million Last Week Due to Wuhan Coronavirus Pandemic

Unemployment Claims Hit 6.6 Million Last Week Due to Wuhan Coronavirus Pandemic

“That brings the number of applications for the last three weeks to more than 16 million, a stunning sign of the colossal economic damage inflicted by the outbreak.”

https://www.youtube.com/watch?v=t3GuOc6FSCo

The Labor Department reported that 6.6 million Americans filed for unemployment between March 28 and April 4.

From FOX Business:

Claims between the period of March 28 and April 4 neared the previous week’s record of 6.8 million, according to the weekly jobless claims report from the Labor Department published on Thursday. The previous week’s total was revised higher by 219,000.

Economists surveyed by Refinitiv expected the number of initial claims for state unemployment benefits to hit 5.25 million.

That brings the number of applications for the last three weeks to more than 16 million, a stunning sign of the colossal economic damage inflicted by the outbreak.

The four-week moving average was 3.5 million, up 1.43 million from a week ago.

The report, which provides the most up-to-date evidence on the labor market and the health of the economy, likely reinforces economists’ views that the U.S. has already entered a recession, bringing to an end a historically long, 11-year economic expansion.

[Featured image via YouTube]

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Comments

A true shame. No one wants the cure to be worse than the disease. However New York City had over 700 Deaths yesterday. Extrapolation from national mortality rates shows that on a typical day, New York City would have 200 deaths. That’s not good.

notamemberofanyorganizedpolicital | April 9, 2020 at 9:56 am

REMEMBER COLLEGES AND UNIVERSITIES STARTED THE ECONOMIC SHUT DOWN.

Eternal Curses upon them all.

buckeyeminuteman | April 9, 2020 at 5:21 pm

Americans need to put a mask on and get back to work!

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